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Malaysia says will not extend tax exemption for palm oil exports after Feb

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Malaysia will not extend a zero export duty policy on crude palm oil after February and will announce a new tax regime on Feb 16.

[KUALA LUMPUR] Malaysia will not extend a zero export duty policy on crude palm oil after February and will announce a new tax regime on Feb 16, a Malaysian minister said on Thursday.

The world's second-largest producer of palm oil scrapped the export tax from October to December, later extending the policy to the end of this month, in a bid to spur demand and reduce bloated stockpiles.

Malaysian plantation industries and commodities minister Douglas Uggah Embas said the export tax rates will depend on palm oil prices when the duty resumes in March.

REUTERS

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