In a circular posted on the Malaysia Palm Oil Board's website, the Royal Malaysian Customs Department said the eight per cent export duty rate was set after the CPO market price surpassed RM3,450 per tonne.
Malaysia, which is the world's second largest palm oil producer and exporter, calculated a reference price of RM4,668.15 per tonne for July. The export tax structure starts at three per cent for CPO at RM2,250 to RM2,400 per tonne range, while the maximum tax rate is set at eight per cent when prices exceed RM3,450 per tonne.
The rate would be effective from July 1 to 31, 2021, which is a continuation of the export tax rate since Jan 1, 2021. At the close on Thursday, the CPO futures contract for July 2021 decreased by RM16 to RM3,566 per tonne, August 2021 fell RM29 to RM3,464 per tonne, September 2021 shrank RM34 to RM3,404 per tonne and October 2021 eased RM46 to RM3,387 per tonne. - Bernama
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