KUALA LUMPUR: Malaysia has maintained its June export tax for crude palm oil at 8% and raised its reference price, a circular on the Malaysian Palm Oil Board website showed on Friday.
The world’s second-largest palm exporter calculated a reference price of 6,816.05 ringgit ($1,552.63) per tonne for June.
The May reference price was 6,759.22 ringgit a tonne. The export tax structure starts at 3% for crude palm oil in a 2,250 to 2,400 ringgit-per-tonne range.
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The maximum tax rate is set at 8% when prices exceed 3,450 ringgit a tonne.
Malaysia is still reviewing the viability of a temporary cut of the tax to 4%-6%, the Commodities Ministry said in a separate statement.