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Budget 2024: Revise windfall levy for Sabah, Sarawak oil palm growers, suggests group

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Kuala Lumpur: The Malaysian Palm Oil Association (MPOA) had called on the government to revert the rate of the windfall profit levy (WPL) for Sabah and Sarawak to 1.5 per cent in the upcoming Budget 2024 from the current three per cent, Given the further increase in the cost of production, the association also beseeched the government to revise the WPL price threshold upwards by RM500 per tonne of crude palm oil (CPO) to RM3,500 per tonne for Peninsular Malaysia growers and to RM4,000 per tonne for Sabah and Sarawak growers.

Kuala Lumpur: The Malaysian Palm Oil Association had called on the government to revert the rate of the windfall profit levy for Sabah and Sarawak to 1.5 per cent in the upcoming Budget 2024 from the current three per cent,

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“We appeal to the government to extend the reinvestment allowance tax incentive to specifically include the replanting of oil palm and to allow utilisation of RA against the company’s statutory income. He said this adjustment is urgently needed to ensure the continued and sustainable operation of the sector and to address the skills gap among the incoming foreign workforce.

 

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