Malaysia: The April export tax for crude palm oil (CPO) has been kept at 8%, according to a circular on the Malaysian Palm Oil Board (MPOB) website.
Malaysia, the world’s second-largest palm exporter, calculated a reference price of RM5,925.33 per tonne for April.
The export tax structure starts at 3% for CPO in a RM2,250 to RM2,400 per-tonne range. The maximum tax rate is set at 8% when prices exceed RM3,450 a tonne, Reuters noted.
Meanwhile, Bernama reported that the oil palm Electronic Fresh Fruit Bunches (EFFB) initiative, a pilot online system to tackle the issue of fruit theft and weighing, would be improved before being expanded nationwide,
Quoting Deputy Minister of Plantation Industries and Commodities Datuk Seri Wee Jeck Seng, the EFFB pilot project was implemented in Tanjung Piai, Johor, on April 1, 2021, involving 6,045 smallholders and an oil palm area of 11,954ha.
Wee said the system was aimed at monitoring and reporting fresh fruit bunch transactions in a transparent manner.
Haroon Khawaja Is a Journalist & CEO Of B-Trams , Ex Reporter At Geo News