Teresa Kok: Palm oil export duty tax-exemption from today until Dec 31

SANDAKAN: The Finance Ministry has agreed to place a tax-free exemption on the export duty on crude palm oil from May 1 until Dec 31, says Primary Industries Minister Teresa Kok.

Speaking to reporters when met after the Dialog on Palm Oil farmers at the Sandakan Hotel on Tuesday (April 30), Kok said that the move is expected to encourage palm oil exports abroad.

"It will be easier and more convenient for whoever wants to export more crude palm oil overseas. Some some were worried that when the (crude palm oil) price reaches RM2,250, they will have to pay a tax of 4.5%," said Kok

“Now, they don’t have to worry because the coming seven months will be tax free,” she added.

At the same time, Kok said African countries, nations in the Middle East and Russia were interested in buying Malaysian crude palm oil.

“All this needs more time. I hope we will be able export crude palm oil in this period with the 4.5% tax exemption,” she added

Kok said that palm oil producers have complained about the lack of foreign workers and taxes from the government during the dialog.

“I told them to do their best in improving this industry because we need to find more good stories to be highlighted in the international market so Malaysian palm oil can be labelled as a five-star oil,” said Kok.