InfoSAWIT, KUALA LUMPUR – Ministry of Finance Malaysia would not eliminate citation from windfall profit (the profits that would be got from unexpected commodity price) in palm oil industries.
As quoted from Bernama, Ministry of Finance Malaysia is open to understand tax tariff and threshold of tax citation by calculating palm oil production costs.
Prior many stakeholders in Malaysia, as the second biggest palm oil producer in the world urged the government to review tax tariff and threshold of unexpected profit tax.
Malaysia now manages profit retribution about 3 percent on palm oil that is traded more than RM 3.000 (US$ 627,88) per metric ton in Semenanjung Malaysia and more than RM 3.500 per ton in Sabah and Sarawak – the biggest states producing palm oil in the country.
Last month, Ministry of Commodity and Plantation Malaysia mentioned to review windfall profits and hoped to be solved next year. (T2)