KUALA LUMPUR: Malaysia has increased its August crude palm oil reference price, a change that raises export duties to 9%, a circular on the Malaysian Palm Oil Board website showed on Thursday.
The world's second-largest palm exporter calculated a reference price of RM3,864.12 per metric ton for August. The July reference price was RM3,730.48 a ton, with a duty of 8.5%.
The export tax structure starts at 3% for crude palm oil when prices are between RM2,250 to RM2,400 per ton. The maximum tax rate is 10% and kicks in when prices exceed RM4,050 per ton. - Reuters
