KUALA LUMPUR: Malaysia is reviewing an existing windfall tax on the palm industry and hopes to complete it next year, says Plantations and Commodities Minister Datuk Seri Fadillah Yusof.
Planters in Malaysia, the world’s second-largest producer of palm oil, have for years asked the government to reassess the tax rate and the threshold for the windfall profit tax.
Malaysia currently imposes a windfall levy of 3% on palm oil prices above RM3,000 per tonne in Peninsular Malaysia and above RM3,500 per tonne in Sabah and Sarawak. — Reuters
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