World

Malaysia holds November crude palm oil export duty at 8 pct

KUALA LUMPUR
2023-10-17 17:03

Already collect



KUALA LUMPUR, Oct. 17 (Xinhua) -- Malaysia, the world's second-largest palm oil producer, on Tuesday maintained its crude palm oil (CPO) export duty for November at 8 percent.

According to a circular on the Malaysian Palm Oil Board (MPOB), the CPO reference price for November has been lowered to 3,556.08 ringgit (751.50 U.S. dollars) from 3,710.50 ringgit in October.

Based on the tax structure, no export duty will be imposed on any CPO price below 2,250 ringgit per ton.

An export tax of 3 percent will be imposed when the CPO price ranges between 2,250 ringgit and 2,400 ringgit per ton.

The maximum tax rate is 8 percent when the CPO prices are above 3,450 ringgit per ton. (1 ringgit equals 0.21 U.S. dollar)
Add comments

Latest comments

Latest News
News Most Viewed