KUALA LUMPUR, Sept. 19 (Xinhua) -- Malaysia, the world's second-largest palm oil producer, on Tuesday maintained its crude palm oil export duty at 8 percent.
According to a Malaysian Palm Oil Board (MPOB) circular, the crude palm oil (CPO) reference price for October has been lowered to 3,710.50 ringgit (790.14 U.S. dollars) from 3,755.13 ringgit in September.
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 0.21 U.S. dollar)