ANNOUNCEMENT 15 May 2020
Malaysia has reduced the export duty on crude palm oil for the month of June 2020.
NUMBER OF INTERVENTIONS
Notification for June 2020
Notification for May 2020
On 15 May 2020 the Malaysia Palm Oil Board notified that the reference value for the export of crude palm oil for the month of June 2020 has been reduced from RM 2460.89 (~USD 565.72) to RM 2122.77 (~ USD 488) per tonne. This reduction in export value reduces the export duty applicable on crude palm oil from 4.5% to 0%.
Malaysia has slabs for export duty based on the reference value of exports. For reference value between RM 2401 to RM 2550 the export duty imposed in 4.5% while for reference value less than RM 2250 the duty is 0% (the duty is 3% for the slab RM 2250 to RM 2400).
The export duty was last reduced for May 2020 (see related State Act).
The export duty exemption on crude palm oil has been extended for the period 1 July to 31 December 2020.
* RM to USD conversion as on 15 May 2020 - RM 4.35/USD