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Home / International Customs / Malaysia increases Oct crude palm oil export tax to 6.0%
Malaysia increases Oct crude palm oil export tax to 6.0%
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Malaysia increases Oct crude palm oil export tax to 6.0%

KUALA LUMPUR: Malaysia, the world’s second-largest palm oil producer after Indonesia, will raise its crude palm oil export tax to 6% in October, up from 5.5% the previous month, according to a government circular on Friday.

The Southeast Asian nation calculated a palm oil reference price of 2,754.18 ringgit (US$657.32) per tonne for October. A price above 2,250 ringgit incurs a tax, and Malaysia had maintained the tax at 5.5% in September from August. Palm oil benchmark prices fell 0.2% to 2,867 ringgit at the close of trade on Thursday evening.