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Malaysia keeps Oct crude palm oil export tax at 8per cent

Malaysia keeps Oct crude palm oil export tax at 8per cent

FILE PHOTO: A worker shows palm oil fruits at palm oil plantation in Topoyo village in Mamuju, Indonesia, Sulawesi Island, March 25, 2017 in this photo taken by Antara Foto. Picture taken March 25, 2017. Antara Foto/Akbar Tado/via REUTERS /File Photo

KUALA LUMPUR : Malaysia maintained its October export tax for crude palm oil at 8per cent, a circular on the Malaysian Palm Oil Board website showed on Monday.

The world's second-largest palm exporter calculated a reference price of 4,472.46 ringgit (US$1,068.18) per tonne for October, up from 4,255.52 ringgit in September.

The export tax structure starts at 3per cent for crude palm oil in a 2,250 to 2,400 ringgit-per-tonne range. The maximum tax rate is set at 8per cent when prices exceed 3,450 ringgit a tonne.

(US$1 = 4.1870 ringgit)

(Reporting by Mei Mei Chu; Editing by Muralikumar Anantharaman)

Source: Reuters

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