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.
