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.
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