KUALA LUMPUR: Windfall tax collected from the palm oil industry should be used to assist oil palm smallholders who are hard pressed, says Datuk Seri Dr Wee Jeck Seng.
"I propose that revenue from the windfall tax is channelled back to the palm oil industry to assist smallholders who are in the B40 group," he said when debating the Windfall Profit Levy Act 2023 in Dewan Rakyat on Monday .
A 3% windfall tax is imposed on palm oil producers if their plantation exceeds 40.6ha and if crude palm oil exceeds RM3,000 per tonne in Peninsula Malaysia and RM3,500 per tonne in Sabah and Sarawak. The Act aims to indemnify the government for imposing windfall profit tax, particularly on palm oil producers, between Jan 1, 1999 and Jan 31, 2023.
The law also prevents any action or legal proceedings to be brought against the government and its officers with regard to levy collected. He also said that the windfall tax collected should be refunded to the affected companies as it was collected without proper orders. Deputy Finance Minister Datuk Seri Ahmad Maslan, in his reply, said there would be no refunds of the windfall tax which had been collected.
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