KUALA LUMPUR: Malaysia has raised its May crude palm oil reference price, a change that increases the export duty to 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 RM4,521.89 per tonne for May. The April reference price was RM3,935.19 per tonne, and incurred a duty of 9.5%.
The export tax structure starts at 3% for crude palm oil priced within a RM2,250 to RM2,400 a tonne range. The maximum tax rate is set at 10% when prices exceed RM4,050 per tonne. - Reuters
