Malaysian Government gathering industry feedback on proposal to suspend CPO export duties
In Malaysia, The Edge reported that the government of Malaysia is gathering industry feedback on a proposal to temporarily suspend crude palm oil (CPO) export duties to ease stock pressure and boost exports, Plantation and Commodities Minister Datuk Seri Dr Noraini Ahmad said.
Malaysia’s palm oil stocks hit a record 3.51 million tons in September, while production also reached an all-time high ahead of the usual peak season in October, according to the report.
“Matters related to the exemption or postponement of the tax actually fall under the jurisdiction of the MOF (Ministry of Finance), but we took the initiative to engage with the industry to obtain feedback,” Noraini said.
“However, we did not conduct the engagement on our own. Representatives from the MOF also joined us because we believe the proposed postponement of CPO export duties is subject to review, and the final decision rests with the MOF, in line with existing government policy,” she added.
Category: Food & Agriculture
