Thu, 18 Apr 2024

HEADLINES :


Malaysia reviewing windfall tax on palm oil industry
Published on: Monday, September 18, 2023
By: Reuters, FMT
Text Size:

Malaysia reviewing windfall tax on palm oil industry
Plantation owners in Malaysia, the world’s second largest producer of palm oil, have been asking the government for years to reassess the tax rate and threshold for the windfall profit tax.
Kuala Lumpur: Malaysia is reviewing an existing windfall tax on the palm oil industry and hopes to complete it next year, says plantation and commodities minister Fadillah Yusof.

Plantation owners in Malaysia, the world’s second largest producer of palm oil, have been asking the government for years to reassess the tax rate and threshold for the windfall profit tax.

Malaysia currently imposes a windfall levy of 3% on palm oil prices above RM3,000 per tonne in Peninsular Malaysia and above RM3,500 ringgit per tonne in Sabah and Sarawak, which are the largest palm oil producing states in the country.

Fadillah, who was responding to a parliamentary question on taxes “burdening” the industry, did not provide details of the review.

The matter would be discussed with the finance ministry, the deputy prime minister said.

* Follow us on Instagram and join our Telegram and/or WhatsApp channel(s) for the latest news you don't want to miss.

* Do you have access to the Daily Express e-paper and online exclusive news? Check out subscription plans available.





ADVERTISEMENT






Top Stories Today

Business Top Stories


Follow Us  



Follow us on             

Daily Express TV  







close
Try 1 month for RM 18.00
Already a subscriber? Login here
open

Try 1 month for RM 18.00

Already a subscriber? Login here