Planters seek abolishment of palm oil windfall profit tax

PETALING JAYA: Local plantation companies are now pushing for the abolishment of the crude palm oil (CPO) windfall profit tax (WPT) on the heels of the Government's well-lauded move to impose the new CPO export duty and abolishment of the duty-free CPO export quota early this year, said industry players.

At present, once the CPO price reached the threshold of RM2,500 per tonne or above, Peninsula-based oil palm plantation players would be imposed a 15% WPT. Where Sabah and Sarawak oil palm planters are concerned, a 7.5% WPT would be imposed should the CPO price hit the RM3,000-per-tonne level or above.