Malaysia has maintained its November export tax for crude palm oil at 8 per cent and reduced its reference price, a circular on the Malaysian Palm Oil Board website showed on Friday (Oct 14).
The world’s second-largest palm exporter calculated a reference price of RM3,575.80 (S$1,082.6) per tonne for November, compared to RM4,033.51 (US$858.19) in October. The export tax structure starts at 3 per cent for crude palm oil in a RM2,250 to 2,400 per-tonne range. The maximum tax rate is set at 8 per cent when prices exceed RM3,450 a tonne.