Palm oil is a type of edible oil that can be used for a wide range of products, including biofuels, cooking oils, shampoos, and cosmetics. The oil is derived from palm fruit and differs from other oil crops due to its higher oil content.
Malaysia’s Palm Oil Export Duty
According to a circular posted on the Malaysian Palm Oil Board website on 23rd March 2023, Malaysia has increased its reference price and maintained its 8% April export tax for crude palm oil. The second-largest Palm Oil Exporter in the world, Malaysia, established a reference price of 4,031.45 ringgit ($914.16) per tonne for April as opposed to the previous month’s reference price of 3710.35 ringgit per tonne. For crude palm oil priced between 2,250 and 2,400 ringgit per tonne, the export tax structure starts at 3%. If prices are greater than 3,450 ringgit per tonne, the maximum tax rate is set at 8%.
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