MP SPEAKS | Use CPO export duty collection to subsidise cooking oil

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Govt can use the windfall profit levy for this too and consider a new policy on local cooking oil.

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| The extension of the movement control order to manage the spread of Covid-19 has resulted in many people losing their income resulting in many descending into abject poverty.

The Malaysian palm oil industry is the industry that contributes most to the government. Besides collecting taxes at all levels of the industry, the government also imposes RM16 cess for every ton of CPO. If the CPO prices continue to remain high, then the government will be able to collect more than RM1 billion CPO in export duty for the whole year. .According to a statement by Plantation Industries and Commodities Minister Khairuddin Aman Razali dated May 8, the government is expected to collect RM298 million in windfall profit levy for the first quarter of 2021.

The 5kg bottled cooking oil price has gone up RM30-RM32.70 compare to RM20-RM23 per bottle during the mid-year of 2019. This increase in price has raised grouses of consumers as it resulted in clear pressures in households.

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