KUALA LUMPUR: Malaysia has raised its December export tax for crude palm oil to 10 per cent from 8 per cent and increased its reference price, a circular on the Malaysian Palm Oil Board website showed on Tuesday.
The world's second-largest palm exporter calculated a reference price of RM4,471.39 (US$1,001.21) per metric ton for December.
The November reference price was RM3,949.73 a tonne.
The export tax structure starts at 3 per cent for crude palm oil in a range of RM2,250 to RM2,400 ringgit per tonne. The maximum tax rate is set at 10 per cent when prices exceed RM4,050 a tonne.
The new tax rate comes after the government in October announced a revision to the maximum export duty rate to 10 per cent for crude palm oil priced above RM4,050, starting from November.
The maximum rate was previously set at 8 per cent.