No change seen in CPO windfall tax

Nageeb when contacted by StarBiz said MPOA is proposing for a higher threshold price at RM3,500 per tonne for the CPO WPT from the current RM2,500 per tonne imposed on planters.

PETALING JAYA: A revision in the threshold price for the crude palm oil (CPO) windfall profit tax (WPT) structure is highly unlikely, given the government’s plan to further increase its tax revenue amid the Covid-19 pandemic environment, say industry observers.

Since its last revision in 2009, attempts by planters to seek for a reassessment in the CPO WPT have failed so far. According to Kenanga Research, local plantation companies are now hopeful to a certain degree that the government would reassess the current tax structure with a potentially higher threshold price for WPT.