KUALA LUMPUR, Nov. 23 (Xinhua) -- Malaysia, the world's second-largest palm oil producer, has maintained its December crude palm oil (CPO) duty at 8 percent.
According to a circular on the Malaysian Palm Oil Board (MPOB), the reference price for CPO in the month has been raised to 3,589.09 ringgit (765.92 U.S. dollars) per tonne from 3,556.08 ringgit in November.
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 0.21 U.S. dollar) ■