Malaysia palm oil groups call for government review of windfall profit levy

HLIB Research changed its 2023 CPO price assumptions to RM3,850 per tonne due to weak CPO price sentiment recently.

KUALA LUMPUR: Malaysian palm oil associations on Monday called for the government to review a windfall profit levy on the palm oil industry.

In a statement, the groups also urged the government to raise the profit threshold level for the levy, and to revert the 3% tax rate for planters in Sabah and Sarawak states back to the previous rate of 1.5%. That cut was recently proposed by the government.