Fmtnews, Palmoil, Teresa, Cpo

Fmtnews, Palmoil

Subsidise cooking oil with palm oil taxes, says Teresa

The former minister says the palm oil industry has contributed 'billions of ringgit' to the government through various taxes.

14/6/2021 12:55:00 PM

The former minister says the palm oil industry has contributed 'billions of ringgit' to the government through various taxes. FMTNews PalmOil Teresa CPO

The former minister says the palm oil industry has contributed 'billions of ringgit' to the government through various taxes.

-June 14, 2021 5:54 PMBesides regular taxes, the palm oil industry has to pay cess, export duty and windfall taxes to the government and this money should be used to subsidise the price of cooking oil, says Teresa Kok.PETALING JAYA: A former minister has called on Putrajaya to subsidise all locally produced cooking oil with taxes collected from the palm oil industry, after prices for the essential item surged.

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Teresa Kok said that apart from collecting taxes at all levels of the industry, the government also imposes RM16 cess for every tonne of CPO.On top of that, she added, the government also collects export duty when CPO price exceeds RM2,250 per tonne and windfall profit levy when the price exceeds RM2,500 per tonne.

Kok said based on the data by the Malaysian Palm Oil Board the total export duty of CPO that should have been collected by the Malaysian Custom from January to May this year was about RM564,816,356.If CPO prices continue to remain high, she said, then the government will be able to collect more than RM1 billion in export duty for the whole year of 2021. headtopics.com

“The palm oil industry has contributed billions of ringgit in taxes to the government.“As such, the government should use the taxes collected from this industry to subsidise all locally produced cooking oil, especially when CPO prices are high,” the former plantation industries and commodities minister said in a statement.

Kok went on to say that it was time for the domestic trade and consumer affairs ministry to review the efficiency of the cooking oil subsidies system in the form of 1kg poly pack.This system, she said, had resulted in many leakages during distribution and sales, as the poly pack oil doesn’t reach many Malaysians in the B40 category, she said.

Instead, it has been used by hawkers and restaurant operators.Kok also said it was also time for the government to formulate a new policy by giving subsidies to cooking oil producers when CPO prices reach RM3,500 per tonne.“This way the government can fix the ceiling price for cooking oil as a tool to control inflation.”

Recent reports have shown a steep rise in the price of bottled cooking oil, which is now being sold for more than RM30 per 5kg.On June 8, the domestic trade and consumer affairs ministry said the subsidy under the cooking oil stabilisation scheme had been raised to RM600 million this year from RM528 million in 2020. headtopics.com

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The subsidy programme keeps the price of cooking oils sold in 1kg poly bags at RM2.50. Read more: Free Malaysia Today »

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Officials to look into ceiling price of cooking oilMeetings are to be held by officials of the domestic trade ministry, plantations ministry and finance ministry. FMTNews CookingOil PriceControl Subsidy RosolWahid