TAIPING (July 6): The Ministry of Plantation and Commodities will collect data related to the costs involved from all players in the palm oil industry before any decision regarding the windfall profit levy (WPL) on palm oil in this country is sent to the Ministry of Finance (MOF).

Plantation and Commodities Minister Datuk Seri Johari Abdul Ghani said all proposals related to the matter would be sent to the MOF before the tabling of Budget 2025.

“We made an average to see whether the cost of producing one tonne of palm oil had reached RM3,000, so if the market price of CPO (crude palm oil) has not even reached RM3,500, we will not call it a windfall tax.

“Currently, the cost has increased. Before Budget [2025 proposals are submitted to the MOF], we want to do all these things, and then we propose. The decision is not mine, because we have to refer to the MOF, and the MOF has to consider it after we submit later,” he told reporters after officiating at the 36th Bukit Gantang Umno Division Representative Meeting of 2024 at a hotel here on Saturday.

On July 4, Johari reportedly said Malaysia will become uncompetitive compared to other producer countries if the WPL on palm oil is not revised.

His ministry had earlier examined the issue of the WPL raised by industry players, and held consultations with relevant parties.

A WPL rate of 3% is imposed on palm oil priced above RM3,000 per tonne in Peninsular Malaysia, and above RM3,500 per tonne in Sabah and Sarawak.

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