The Malaysian Palm Oil Board said on its website on December 13 that the country plans to raise its export tax for crude palm oil for January 2020, for the first time in one-and-a-half years.
Malaysia plans to raise its export tax for crude palm oil for January 2020, for the first time in one-and-a-half years. (Photo: Thestar.com.my)
Hanoi (VNA) – The Malaysian Palm Oil Board said onits website on December 13 that the country plans to raise its export tax forcrude palm oil for January 2020, for the first time in one-and-a-half years.
The world’s second-largest producer and exporter of palm oil had last imposedan export tax of 4.5 percent in August 2018 before lowering it to zero. It thenplaced a tax-free exemption on crude palm oil from May to December 2019 toboost palm oil exports and expand into new markets.
Malaysia calculated a palm oil reference price of 2,571.16 ringgit (616.59 USD)per tonne for January next year.
A Kuala Lumpur-based trader said Malaysia will export more refined products ascrude palm oil will now have 5 percent tax.
Malaysianbenchmark palm oil futures were up 1 percent at 2,913 ringgit per tonnein early trade on December 13.
Traders also predicted that Indonesiamay follow Malaysia’s footsteps to impose a similar tax on export of this product./.
Analysts remain upbeat on palm oil prices next year after Malaysia's palm oil inventory fell to a three-month low in November and exports to China remained steady.
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The tax adjustment supports the Malaysian Government’s strategy to reduce reliance on foreign food supply chains and to assist domestic farmers, a finance official has said.
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Malaysia plans to raise its export tax for crude palm oil for January 2020, for the first time in one-and-a-half years. (Photo: Thestar.com.my) 
