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Special exemption on CPKO and RBDPKO export duties from Oct 1

KUALA LUMPUR, 26 Sept  -- The government will enforce special exemptions on export duties for crude palm kernel oil (CKPO) and refined bleached deodorised palm kernel oil (RBDPKO) to further boost its export, said the Ministry of Primary Industries.

In a statement today, the ministry said the special exemptions that will take effect from Oct 1, 2019 to June 30, 2020, is also to help reduce CPKO stock in the domestic market, especially in Sabah and Sarawak.

"These exemptions will act as catalysts in boosting exports of CPKO and RBDPKO through new companies and existing industry players, and will indirectly help increase the price of palm oil.

"In addition, the implementation is also seen as an approach to encourage the palm oil industry players to produce high value-added downstream products," it said.

It said the ministry, through the Malaysian Palm Oil Board, would monitor and regulate the monthly export volume of CPKO and RBDPKO to ensure sufficient supply for domestic use. 

The ministry said the special exemption could be revoked and terminated with immediate effect.

Besides that, the ministry will continue to implement suitable measures to strengthen further palm oil price through these exemptions at the domestic market.

-- BERNAMA

 

 

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