Malaysia cuts May crude palm oil export taxes to zero

  • Business
  • Wednesday, 15 Apr 2015

KUALA LUMPUR: Malaysia, the world's second-largest palm grower, will scrap its crude palm oil export tax for the month of May against a 4.5 percent rate imposed in April, a government circular showed on Tuesday.

The rate was previously scrapped from September to December, with the step later extended to end-March. In April, a 4.5 percent tax was implemented based on a tax structure where a monthly reference price above 2,250 ringgit will incur a duty.

The Southeast Asian country calculated a reference price of 2,198.98 ringgit ($594) per tonne for May crude palm oil, effectively abolishing the export duty. ($1 = 3.6990 ringgit) - Reuters
Article type: metered
User Type: anonymous web
User Status:
Campaign ID: 1
Cxense type: free
User access status: 3
Subscribe now to our Premium Plan for an ad-free and unlimited reading experience!

palm oil , oil palm , plantations , commodities , cpo , oil , export , taxes , zero , shares , stocks , klci , klse ,


Next In Business News

Bursa rally picks up speed as global sentiment turns positive
Trading ideas: Hibiscus Petroleum, Dolomite, Econpile, Majuperak and MSM Malaysia
Consumer prices in Japan’s capital rise at fastest pace since 2014
Global metals volumes slide
State of economy goes beyond ringgit’s showing
Fund management nod for ETSW
GDS Holdings in talks for Johor expansion
Sunview IPO oversubscribed by 63.19 times
Export volume index rises 7.7% on month in August
BHIC denies allegations in legal suit

Others Also Read