Malaysia may cut palm oil export tax

Malaysia's commodities ministry has proposed cutting export tax on palm oil by as much as half to help fill a global edible oil shortage and grow the market share of the world's second-largest palm oil producer.

Plantation Industries Minister Zuraida Kamaruddin said on Tuesday her ministry has proposed the cut to the finance ministry. Malaysia could reduce the tax, likely a temporary measure, to 4 per cent-6 per cent from the current 8 per cent, Zuraida said. A decision could be made as early as June.