KUALA LUMPUR: Malaysia has lowered its crude palm oil reference price for December to a level that maintains the export duty at 10%, a circular on the Malaysian Palm Oil Board website showed on Monday.
The world's second-largest palm exporter calculated a reference price of 4,206.38 ringgit per metric ton for December. The November reference price was RM4,262.23 a tonne, 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 tonne range. The maximum tax rate is set at 10% when prices exceed RM4,050 a tonne. - Reuters
