© Reuters. FILE PHOTO: Malaysia’s Commodities and Plantations Minister Zuraida Kamaruddin speaks during an interview with Reuters in Kuala Lumpur, Malaysia, May 10, 2022. REUTERS/Hasnoor Hussain
KUALA LUMPUR (Reuters) – Malaysia’s Commodities Ministry on Friday said it is in discussions with the Finance Ministry to look into the viability of slashing an export tax on palm oil to 4%-6%.
“This proposed temporary cut is pending a decision and we believe that Malaysian exporters are likely to be clear winners in the short term as global buyers will source for Malaysian palm oil,” minister Zuraida Kamaruddin said in a statement.