Threshold value of windfall profit levy for palm oil raised to RM3,000 in peninsula

Threshold value of windfall profit levy for palm oil raised to RM3,000 in peninsula

KUALA LUMPUR (Oct 29): The government has agreed to raise the threshold value of the windfall profit levy for palm oil in Peninsula Malaysia from RM2,500 to RM3,000, said Finance Minister Tengku Datuk Seri Zafrul Tengku Abdul Aziz.

For Sabah and Sarawak, the threshold value of the levy will be raised from RM3,000 to RM3,500 and the levy rate in the two states will be aligned with the peninsula at 3%

“In addition, to further support the palm oil industry, the government has allocated RM35 million to implement a replanting scheme by smallholders,” he said at his Budget 2022 presentation in Parliament.

A sum of RM20 million has also been set aside to counter international anti-palm oil activities.

Tengku Zafrul also announced that the National Rubber Industry Transformation Programme will be launched to put smallholders, entrepreneurs and small cooperatives under a bigger consortium so that scrap rubber can be processed into creep rubber.

Under Budget 2022, the government has allocated RM2.5 billion for commodity development programmes that will benefit rural communities.

“Of this, RM1.3 billion will be channelled to Felda under a recovery and development package for settlers, RM495 million for the benefit of Felcra participants and RM699 million for Risda rubber smallholders,” the minister said.

Source : The Edge Markets

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