October 14, 2019 / 2:47 AM / a month ago

Malaysia to cut export duties for crude palm oil in 2020

A worker unloads palm oil fruit bunches from a lorry inside a palm oil mill in Bahau, Negeri Sembilan, Malaysia January 30, 2019. REUTERS/Lai Seng Sin/Files

KUALA LUMPUR (Reuters) - 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% when prices are between 2,250 ringgit ($538.54) and 2,400 ringgit per tonne, down from the current duty of 4.5%.

The export duty rate will go up to 4.5% at the next price tier of 2,401 ringgit to 2,550 ringgit, and rise at 0.5% increments to a maximum of 8% should prices reach over 3,450 ringgit per tonne.

Reporting by Liz Lee; Editing by Christian Schmollinger

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