SunSirs: Malaysia Raises Palm Oil Export Tax for the First Time since 2021
October 28 2024 14:27:10 SunSirs (Selena)
The customs notice released on the website of the Malaysian Palm Oil Board (MPOB) stated that Malaysia has raised the export tax on crude palm oil in November to 9.5%, marking the first increase in over three years.
Last week, MPOB announced that the export tax rate for crude palm oil in November was 8%.
From July to December 2020, Malaysia was exempted from palm oil export taxes. Since January 2021, the export tax rate has remained at 8%.
MPOB stated that the new tax rate will take effect from November 1st.
According to the new tax structure, the new notice includes four new tax brackets, with a maximum tax rate of 10% when the price exceeds 4,050 Ringgit/ton, compared to the previous maximum tax rate of 8%.
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