Malaysia to cut export duties for palm oil in 2020

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The Malaysian government says it will reduce duties on exports of crude palm oil in 2020, its first review since the current tax rate was imposed in 2013.

The country’s Finance Minister Lim Guan Eng who disclosed this on Monday, expained that under the new tax regime, the export duty rate will be set at 3 percent when prices are between 2,250 ringgit (538.54 dollars) and 2,400 ringgit per tonne, down from the current duty of 4.5 per cent.

According to him, the export duty rate will go up to 4.5 per cent at the next price tier of 2,401 ringgit to 2,550 ringgit, and rise at 0.5 per cent increments to a maximum of 8 per cent should prices reach over 3,450 ringgit per tonne.

Peace PIAK