Malaysia raises June crude palm oil export duty to 5.5%
[KUALA LUMPUR] Malaysia, the world's second-largest palm oil producer after Indonesia, will raise its crude palm oil export tax to 5.5 per cent in June from 5 percent in May, a circular on the Malaysian Palm Oil Board website showed on Tuesday.
The Southeast Asian nation calculated a reference price of 2,625.18 ringgit per tonne for June. A price above 2,250 ringgit incurs a tax, which starts from 4.5 per cent and can reach a maximum of 8.5 per cent.
Malaysia last raised its tax on crude palm oil exports to 5 per cent in March for April supply, ending a duty free policy held since May 2015.
REUTERS
KEYWORDS IN THIS ARTICLE
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Energy & Commodities
Oil settles higher as weak US economic growth offset by supply concerns
India's Vedanta misses Q4 profit estimates on lower prices
BHP targets Anglo American in bid valuing miner at US$39 billion
China's Sinopec charts global expansion with refinery in rival India's backyard
Gold trades in tight range as market focuses on US economic data
Oil settles lower as US business activity cools, concerns over Middle East ease