Malaysia palm growers seek freeze on export duty, windfall tax

Smallholders have been hardest hit, with growers cutting fertiliser use amid low prices and higher production costs; dry spell this year is set to affect yields in 2020

KUALA LUMPUR: Malaysian Palm Oil Association calls on government to indefinitely suspend the windfall tax imposed on palm growers even when prices surpass RM2,500t/ton, while crude palm oil export duty exemption should continue into next year, the group says.

“The industry as whole is just about to recover from the prolonged low palm oil prices and has suffered in terms of low profits and even losses over a period of time, ” Chief Executive Nageeb Wahab says in statement on Friday.