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The Government will impose windfall tax on oil palm companies starting July 1.
A revision in the newly imposed crude palm oil (CPO) windfall tax on plantation companies is inevitable, especially with the sharp correction in CPO prices on speculation that crude oil is likely to trend below US$100 per barrel for the rest of this year.
Bondholders of Malakoff Bhd are seeking a meeting with the company to express their concern on the windfall tax on independent power producers (IPP).
The Plantation Industries and Commodities Ministry will re-appeal to the Finance Ministry on behalf of oil palm planters to consider abolishing the windfall tax introduced in July 2008 if crude palm oil (CPO) prices climb back to above RM2,000 per tonne.
PETALING JAYA: Oil palm companies in Peninsular Malaysia may start paying windfall tax again should the price of crude palm oil (CPO) continue to stay above RM2,500 per tonne.
Based on its current earnings, Tanjong plc expects to fork out about RM70mil per year on windfall tax which was imposed recently on independent power producers (IPPs).