Malaysia raises export duty on palm oil for the first time in three years

A customs notice published on the Malaysian Palm Oil Board’s (MPOB) website says that in November Malaysia will raise the export duty on crude palm oil to 9.5%, the first increase in more than three years.

Last week, MPOB announced that the export duty rate for crude palm oil in November will be 8%.

From July to December 2020, Malaysia was exempt from the export duty on palm oil. Since January 2021, the export tax rate has remained at 8%. MPOB said the new tax rate will take effect on November 1.

The tax structure includes four categories with a maximum rate of 10%, subject to a price increase of more than RM4,050 per ton.

For almost 30 years of expertise in the agri markets, UkrAgroConsult has accumulated an extensive database, which became the basis of the platform AgriSupp.

It is a multi-functional online platform with market intelligence for grains and oilseeds that enables to get access to daily operational information on the Black Sea & Danube markets, analytical reports, historical data.

You are welcome to get a 7-day free demo access!!!

Tags: palm oil, Malaysia