KUALA LUMPUR, May 19 — Malaysia has maintained the export tax for crude palm oil (CPO) at eight per cent for June 2021 — for the sixth straight month.
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 RM4,627.40 per tonne for June.
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 June 1 to 30, 2021, which is a continuation of the export tax rate since January 2021.
At the close on Tuesday, CPO futures contract for June 2021 increased by RM142 to RM4,829 per tonne, July 2021 advanced RM205 to RM4,658 per tonne, August 2021 strengthened by RM215 to RM4,457 per tonne, and September 2021 added RM202 to RM4,278 per tonne. — Bernama
