The Edge Markets (18/06/2021) - KUALA LUMPUR (June 18): Malaysia has for the seventh straight month maintained the export tax for crude palm oil (CPO) at 8% for July 2021. 

In a circular posted on the Malaysian Palm Oil Board's (MPOB) website, the Royal Malaysian Customs Department said the 8% export duty rate was set after the CPO market price surpassed RM3,450 per tonne.

Malaysia, the world's second largest palm oil producer and exporter, calculated a reference price of RM4,668.15 per tonne for July.

The export tax structure starts at 3% for CPO in the RM2,250 to RM2,400 per tonne range, while the maximum tax rate is set at 8% when prices exceed RM3,450 per tonne.

The rate will be effective from July 1 to 31, 2021, a continuation of the export tax rate since Jan 1, 2021.

At the close yesterday, the CPO futures contract for July 2021 decreased by RM16 to RM3,566 per tonne, while that of August 2021 fell RM29 to RM3,464 per tonne, September 2021 shrank RM34 to RM3,404 per tonne and October 2021 eased RM46 to RM3,387 per tonne.

Read more at https://www.theedgemarkets.com/article/malaysia-maintains-cpo-export-tax-8-july-2021