Malaysia will reduce duties on exports of crude palm oil, its first review since the current tax rate was imposed in 2013, Finance Minister Lim Guan Eng said on Monday.
Under the new tax regime, the export duty rate will be set at 3 per cent when prices are between 2,250 ringgit (538.54 dollars) and 2,400 ringgit per tonne, down from the current duty of 4.5 per cent.
The export duty rate will go up to 4.5 per cent at the next price tier of 2,401 ringgit to 2,550 ringgit, and rise at 0.5 per cent increments to a maximum of 8 per cent should prices reach over 3,450 ringgit per tonne.
