KUALA LUMPUR, Aug. 20 (Xinhua) -- Malaysia, the world's second-largest palm oil producer, Tuesday maintained its September crude palm oil (CPO) exports duty at 8 percent.
According to a circular from the Malaysian Palm Oil Board, Malaysia has raised its CPO reference price for September to 3,915.19 ringgit per ton from 3,880.86 ringgit per ton in August.
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 CPO price ranges between 2,250 ringgit and 2,400 ringgit per ton.
The maximum tax rate is 8 percent when CPO prices are above 3,450 ringgit per ton. (1 ringgit equals 0.23 U.S. dollars) ■
