Malaysia keeps May crude palm oil export duty at 5%

[KUALA LUMPUR] Malaysia, the world's second largest palm oil producer after Indonesia, will maintain its crude palm oil export tax at 5 per cent in May, a government circular showed on Friday.

The Southeast Asian nation calculated a reference price of RM2,531.53 (S$883.55) per tonne for May. A price above RM2,250 incurs a tax, which starts from 4.5 percent and can reach a maximum 8.5 per cent.

Malaysia had last raised its tax on crude palm oil exports to 5 per cent for April, ending a duty free policy held since May 2015.

REUTERS