Windfall profit levy rates should be reverted from 3% to 1.5%, say palm oil associations.
Past five years, oil palm planters have been levied a total of RM5.2 billion to the government’s coffers with last year alone yielding RM3 billion through windfall profit levy.
If WPL is to be continued and to be aligned with the correct definition of windfall profits, the associations requested for an equitable increase in the WPL’s price threshold. They said the WPL, levied exclusively on all the oil palm planters and no other business sectors in Malaysia, would cause undesirable ripple effects going forward throughout the oil palm supply chain and impact the overall sectorial long-term competitiveness and sustainability.
“Although the current year holds promise with relatively favourable crude palm oil prices, the palm oil industry remains under the heavy weight of labour shortages leading to palpable losses in the fields and the continued national low yields that have led to today’s uppermost cost of production,” they said.
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