MoF: Govt will not abolish palm oil industry’s windfall profit levy

: The government does not intend to abolish the windfall profit levy on the palm oil industry at the moment, said the Ministry of Finance .

MoF said the WPL on the palm oil industry had been implemented since 1999 using the same calculation formula as it is today, except for the levy rate and threshold value which have been amended several times. “The original threshold value was RM2,000 and the latest threshold value is RM3,000 for Peninsular Malaysia and RM3,500 for Sabah and Sarawak,“ said the ministry in a written reply to a question from Datuk Ngeh Koo Ham on the possibility of abolishing the WPL, published on the Parliament’s website today.

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