RM348m revenue from palm oil windfall profit levy this year

For guidance, it said the levy is imposed at a rate of three per cent for palm oil prices exceeding RM2,500 per tonne in the peninsula and 1.5 per cent for palm oil prices exceeding RM3,000 per tonne in Sabah and Sarawak.

KUALA LUMPUR: The government is expected to collect a potential revenue of RM348 million from the palm oil Windfall Profit Levy in 2020 compared to only RM256,000 in 2019 following rising crude palm oil (CPO) prices, the Ministry of Plantation Industries and Commodities said.

It said this was based on performance, price expectations and production of fresh fruit bunches from estates throughout 2020.