KUALA LUMPUR, April 17 (Xinhua) -- Malaysia, the world's second-largest palm oil producer, on Monday maintained its crude palm oil (CPO) duty at 8 percent and raised its reference price.
According to the Malaysian Palm Oil Board (MPOB), the reference price has been raised to 4,063.58 ringgit (918.95 U.S. dollars) per tonne in May from 4,031.45 ringgit per tonne in April.
Based on the tax structure, no export duty will be imposed on any CPO price below 2,250 ringgit per tonne.
An export tax of 3 percent will be imposed when the CPO price ranges between 2,250 ringgit and 2,400 ringgit per tonne.
The maximum tax rate is 8 percent when the CPO prices are above 3,450 ringgit per tonne. (1 ringgit equals 0.23 U.S. dollars). ■