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Malaysia to levy additional 1-ringgit tax on palm oil next year

Income to fund reforestation, wild life conservation, boost sustainable farming

KUALA LUMPUR (Nikkei Markets) -- Malaysia plans to levy from next year an additional one ringgit ($0.24) tax per metric ton of crude palm oil produced in the country to channel such income to a proposed fund aimed at financing reforestation and wildlife conservation as the world's second largest producer of the commodity ramps up efforts to boost sustainable palm plantation.

The state-run Malaysia Palm Oil Board will collect the additional tax from the oil palm industry players, the federal Minister Of Primary Industries Teresa Kok said at a conference on Tuesday. Currently, for every metric ton MPOB collects 13 ringgit tax.

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