KUALA LUMPUR, Sept 19 — Malaysia is reviewing an existing windfall tax on the palm industry and hopes to complete it next year, said Plantation and Commodities Minister Fadillah Yusof yesterday.
Planters 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 per cent 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.
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 Finance Ministry, he said.
— Reuters
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