The customs notice released on the website of the Malaysian Palm Oil Board (MPOB) stated that Malaysia has raised the export tax on crude palm oil in November to 9.5%, marking the first increase in over three years.

Last week, MPOB announced that the export tax rate for crude palm oil in November was 8%.

From July to December 2020, Malaysia was exempted from palm oil export taxes. Since January 2021, the export tax rate has remained at 8%.

MPOB stated that the new tax rate will take effect from November 1st.

According to the new tax structure, the new notice includes four new tax brackets, with a maximum tax rate of 10% when the price exceeds 4,050 Ringgit/ton, compared to the previous maximum tax rate of 8%.

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