Planters to start paying windfall profit tax

The Malaysian Palm Oil Board (MPOB) said crude palm oil (CPO) stock decreased by 12.75% to 1.15 million tonnes in November from 1.32 million tonnes in October, while processed palm oil stock rose 7.07% to 1.10 million tonnes from 1.03 million tonnes previously.

PETALING JAYA: Planters in Peninsular Malaysia are expected to pay the palm oil windfall profit tax (WPT) by next month.

Industry players said the WPT seemed applicable given that the crude palm oil (CPO) spot prices would likely exceed RM2,500 per tonne this month, while the CPO futures prices have rallied to trade above the RM2,800-per-tonne level.