Malaysia maintains CPO export tax at 8 pct, raises reference price

Xinhua
23 Mar 2023, 19:18 GMT+10

KUALA LUMPUR, March 23 (Xinhua) -- Malaysia, the world's second-largest palm oil producer, has maintained its crude palm oil (CPO) export tax at 8 percent.

The country has also raised its CPO reference price to 4,031.45 ringgit (912 U.S. dollars) in April, from 3,710.35 ringgit in March, a circular on the Malaysian Palm Oil Board website showed on Thurday.

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 0.23 U.S. dollar)

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