Penjana’s tax exemption augurs well for palm oil industry

Oil palm smallholders and companies affected by the Covid-19 pandemic can heave a sigh of relief over a tax exemption provided under the National Economic Recovery Plan (Penjana) that was aimed at managing the country’s stock level and stabilise the crude palm oil (CPO) price.

The government on Friday announced a 100 percent exemption on export duty on crude palm oil, crude palm kernel oil, and processed palm kernel oil from July 1 to Dec 31, 2020.