KUALA LUMPUR (Jan 17): Malaysia has raised its export tax for crude palm oil to 6% for February, the Malaysian Palm Oil Board said on Friday, citing the national customs department.

The world’s second-largest producer and exporter of palm oil calculated a reference price of RM2,907.63 per tonne for next month.

Malaysia had set the export tax for January at 5%, raising it after placing a tax-free exemption on crude palm oil from May to December 2019 in a move to boost palm oil exports and expand into new markets.

Source : The Edge Markets