The MEOA noted that the Finance Minister has been quoted by the press on Nov 28 as saying that imposition of windfall profit levy on glove manufacturers would make investors think twice before investing in the country. “We therefore ask whether the Finance Minister will expand this policy thinking to also exempt the palm oil industry from this tax."
KUALA LUMPUR: The Malaysian Estate Owners’ Association (MEOA) wants the government to either suspend or abolish what it perceived as “unfair” taxes on the palm oil industry.
In a statement on Monday, it cited the windfall profit levy (WPL) on crude palm oil (CPO); 7.5% sales taxes in Sabah on sales of CPO; and 5% sales taxes in Sarawak on sales of CPO and crude palm kernel oil (CPKO).
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