Malaysia to Get 348M Rgt Windfall Profit Levy From Palm Sector

Malaysia will collect an estimated 348 million ringgit ($84.4 million) windfall profit levy from the palm sector this year, compared to just 256,000 ringgit in 2019, according to Plantation Industries and Commodities ministry.

• The estimate is based on forecasts of prices and production of fresh fruit bunches from palm estates this year, minister Khairuddin Aman Razali said in a Wednesday statement
• The sector is subject to a 3% levy when palm oil prices exceed 2,500 ringgit/ton in Peninsular Malaysia; 1.5% levy if prices exceeds 3,000 ringgit in Sabah and Sarawak
• Ministry also studying overall tax structure and cess for the ...