Government to earn palm oil windfall profit levy of RM500m in 2021, says MPOB

01-Dec-2020 Intellasia | Malay Mail | 6:02 AM Print This Post

The government is expected to earn palm oil windfall profit levy of about RM500 million in 2021 if the price of crude palm oil (CPO) records between RM3,000-RM3,500 per tonne compared to the expectation of RM348 million a year for this year.

Malaysian Palm Oil Board (MPOB) chair Datuk Ahmad Jazlan Yaakub said the revenue collection was not impossible if the CPO price remained above RM3,000 per tonne level.

“The expected revenue of RM348 million for this year is an estimate based on the increase in CPO prices since June.

“We hope that with production and demand, as well as good weather conditions, it is not impossible that it can reach about RM500 million next year while the country faces economic challenges,” he told a press conference here today.


Category: Malaysia

Print This Post

Comments are closed.