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No intention to abolish palm oil industry’s windfall profit levy

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Finance ministry says the government is always ready to study the levy rate and profit threshold level to ensure the industry’s survival.

The original threshold value for palm oil was RM2,000 per tonne and the latest is RM3,000 for Peninsular Malaysia and RM3,500 for Sabah and Sarawak.

However, the ministry said the government is always open to studying the method of imposing this levy, including the levy rate and profit threshold level, to take into account the industry’s survival and the cost of production from time to time. The windfall profit threshold value set for the purpose of imposing the WPL on palm oil has been revised several times since this levy was implemented, it added.

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