KUALA LUMPUR: The government proposes to increase the threshold for the windfall profit levy on palm oil to RM3,150 in Peninsular Malaysia and RM3,650 in Sabah and Sarawak.
Prime Minister Datuk Seri Anwar Ibrahim also announced that the market price range structure and export duty rates for crude palm oil (CPO) will be revised, effective Nov 1, 2024.
“The current treatment for CPO exports from Sabah and Sarawak will also be maintained,” he said while tabling the Budget 2025 today.
Additionally, Anwar said the incentives to encourage smallholders to replant oil palms will continue, with an allocation of RM100mil to replace unproductive, old oil palms.
He also noted that Malaysia, as one of the world's largest palm oil producers, has the potential to produce sustainable aviation fuel (SAF) from palm oil mill waste.
“Petronas will collaborate with SD Guthrie and FGV Holdings Bhd
for the production of SAF from palm oil mill waste,” Anwar said.
