Saturday 02 Dec 2023
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KUALA LUMPUR (Sept 18): Malaysia is reviewing an existing windfall tax on the palm industry and hopes to complete it next year, Plantations and Commodities Minister Datuk Seri Fadillah Yusof said on Monday.

Planters in Malaysia, the world's second largest producer of palm oil, have for years asked the government to reassess the tax rate and the 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 per tonne in Sabah and Sarawak — 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 Ministry of Finance, he said.

For more Parliament stories, click here.

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