KUALA LUMPUR: Malaysia has lowered its November crude palm oil reference price to a level that maintains the export duty at 10%, a circular on the Malaysian Palm Oil Board website showed on Tuesday.
The world's second-largest palm exporter calculated a reference price of RM4,262.23 per metric ton for November. The October reference price was RM4,268.68 a ton, and incurred a duty of 10%.
The export tax structure starts at 3% for crude palm oil in a RM2,250 to RM2,400 per-ton range. The maximum tax rate is set at 10% when prices exceed RM4,050 a ton. - Reuters
