KUALA LUMPUR (Reuters) – Malaysia has maintained its August export tax for crude palm oil at 8% and lowered its reference price, a Malaysian Palm Oil Board circular showed on Tuesday.
The world’s second-largest palm oil exporter calculated a reference price of 5,257.91 ringgit ($1,182.62) per tonne for August. The July reference price was 6,732.26 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. The maximum tax rate is set at 8% when prices exceed 3,450 ringgit a tonne.
($1 = 4.4460 ringgit)
(Reporting by Mei Mei Chu; Editing by Martin Petty)
