“However, the levy is only imposed when the CPO prices surpass the threshold level, ” it said, adding that the tax is no longer collected when CPO prices fall below the threshold level.
PETALING JAYA: The Malaysia Palm Oil Board (MPOB) has clarified misconceptions about the windfall profit tax on palm oil.In a statement, issued in response to recent statements made by industry players, which involved inaccurate information about the tax, MPOB noted that the government had first introduced the windfall levy on palm oil on July 1,2008.
The levy, it said, was implemented to replace the Cooking Oil Price Stabilisation Scheme (COSS) which was earlier initiated by the MPOB.
