THE windfall tax collected from the palm oil industry should be used to assist oil palm smallholders who are in financial difficulty, says Datuk Seri Dr Wee Jeck Seng.
Revenue from the windfall tax should be channelled back to the palm oil industry to assist smallholders who are in the B40 group, he proposed when debating the Windfall Profit Levy Act 2023.
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 metric tonne in Peninsular Malaysia and RM3,500 per metric tonne in Sabah and Sarawak. This was because the windfall levy orders were not done in accordance with the Windfall Profit Levy Act 1998.
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