Malaysia raises CPO export tax amidst price hikes

Cargoes will be taxed at 5.5%.

According to Bloomberg, Malaysia, the world’s second-largest palm producer, increased the tax on exports of crude oil after prices climbed to the highest level since 2012.

"Cargoes will be taxed at 5.5 percent in April from 5 percent this month, according to a customs statement on the website of the Malaysian Palm Oil Board.

The reference price for calculating the tariff was set at 2,598.76 ringgit ($795) a metric ton, it said. Indonesia, the top supplier, kept its tax unchanged at 10.5 percent for March from February," Bloomberg said.

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