KUALA LUMPUR, April 23 (Xinhua) -- Malaysia, the world's second-largest palm oil producer, has kept its crude palm oil (CPO) export duty for May at 8 percent.
A circular from the Malaysian Palm Oil Board website showed on Tuesday that the CPO reference price for May has been increased to 4,273.93 ringgit (894 U.S. dollars) per ton from 3,958.58 ringgit per ton in April.
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) ■
