Hanoi (VNA) – 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.
The world's second-largest producer and exporter of palm oil had last imposed an export tax of 4.5 percent in August 2018 before lowering it to zero. It then placed a tax-free exemption on crude palm oil from May to December 2019 to boost 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 as crude palm oil will now have 5 percent tax.
Malaysian benchmark palm oil futures were up 1 percent at 2,913 ringgit per tonne in early trade on December 13.
Traders also predicted that Indonesia may follow Malaysia's footsteps to impose a similar tax on export of this product./.
- Edo can generate 200,000 jobs from palm oil ― Emefiele
- Malaysia threatens to raise stakes in EU palm oil spat
- Malaysia's Mahathir stands by Kashmir comments despite palm oil boycott by India traders
- Malaysia PM Turns to Diplomacy As India Restricts Palm Oil Imports Over Kashmir Remark
- Exclusive: India may restrict imports of palm oil, other goods from Malaysia - sources
- Palm oil to blame for 39% of forest loss in Borneo since 2000 : study
- Palm oil to blame for 39% of forest loss in Borneo since 2000 - study
- Edo can generate 200,000 jobs from palm oil – Emefiele
- Are corrupt politicians behind Peru's palm oil plantations?
- INSIGHT-Fearing tobacco's fate, palm oil industry fights back
- Indonesia threatens to leave Paris accord on climate change over palm oil dispute
- Malaysia Threatens to Ditch European Plane Makers, Buy Russian Airliners Amid Palm Oil Row With EU
- Iran’s Oil Exports Recover, Prices Spike Amid Venezuela, Libya Disruptions
- Spotlight: China promising market for Egypt's growing non-oil exports: experts
- Venezuela crisis: Will the US target oil exports?
- Malaysia works to resolve spat with India, hopes won't affect 16-nation trade deal
- US: From largest oil consumer to biggest producer
- Indians Call for Malaysia Boycott After Country's PM Alleged India “Occupied and Invaded” Kashmir
- EXCLUSIVE-Kazakhstan to seek damages from Transneft for tainted oil loaded in Ust-Luga
- Malaysia 2020 budget: Lower spending, wider fiscal deficit
Malaysia plans to raise crude palm oil export tax have 387 words, post on en.vietnamplus.vn at December 14, 2019. This is cached page on Talk Vietnam. If you want remove this page, please contact us.