PUTRAJAYA (Sept 23): The Ministry of Plantation and Commodities (KPK) has submitted two proposals to the Ministry of Finance to be considered for inclusion in Budget 2025, namely a revision of the windfall profit levy (WPL) on palm oil and additional allocations for oil palm replanting programmes.
KPK Minister Datuk Seri Johari Abdul Ghani said the WPL review is necessary to ensure the country's palm oil prices remain competitive compared to other producing nations.
“I have submitted the proposal to revise the WPL for inclusion in Budget 2025. It is one of the main requests from industry players," he told reporters after attending the 2023/2024 Malaysian Palm Oil Industry Awards (AISM) here on Monday.
Johari also hopes that the government would consider additional allocations for the Smallholder Oil Palm Replanting Financing Incentive Scheme (TSPKS) to be included in the budget, noting that nearly 1.5 million hectares of oil palm plantations are currently managed by smallholders.
“Last year, the government allocated RM100 million for TSPKS 2.0, 50% of which as grants and 50% as loans.
“However, I believe more funding will be needed for oil palm replanting to ensure our future exports are not affected," he said.
Budget 2025 is scheduled to be presented in the Parliament by Prime Minister Datuk Seri Anwar Ibrahim on Oct 18.
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