KUALA LUMPUR (April 13): Malaysia has reduced its export duty on crude palm oil to 4.5% for May from 5% in April, the Malaysian Palm Oil Board said on Monday, citing the national customs department.
The world’s second-largest producer and exporter of palm oil calculated a reference price of RM2,460.89 per tonne.
The export tax structure starts at 3% for crude palm oil when priced in a RM2,250-2,400 per-tonne range. The maximum tax rate is set at 8% when prices are above RM3,450 a tonne.
Source : The Edge Markets