Malaysia palm oil levy revision proposal sent to Finance Ministry

Malaysia’s plantations minister said a proposal to revise the windfall profit levy on the palm oil industry was sent to the finance ministry last week, state news agency Bernama reported on Monday.

Plantation and Commodities Minister Datuk Seri Johari Abdul Ghani said his ministry was now awaiting a response and decision from the finance ministry, Bernama reported, although no details of the proposal were mentioned.

Malaysia, the world’s second-largest palm oil exporter, imposes a windfall levy of 3% on palm oil prices above RM3,000 per metric ton in Peninsular Malaysia and above RM3,500 per ton in Sabah and Sarawak, the country’s largest palm oil producing states.

Last November, Malaysian palm oil associations called for the government to review the windfall profit levy, raise the profit-threshold level for the levy, and to reduce the 3% tax rate for planters in Sabah and Sarawak back to the previous rate of 1.5%.

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Tags: prices, Malaysia, palm oil, levy, palm oil industry