M’sia to collect nearly RM300 mln from windfall tax on palm oil

KUALA NERUS: The government is expected to earn RM295 million in windfall profit tax in the first three months of this year, with crude palm oil (CPO) prices rising above RM2,500 a tonne.

Plantation Industries and Commodities Minister Datuk Dr Khairuddin Aman Razali said this was a positive development amidst the lower revenue problem faced by the country due to the effects of the Covid-19 pandemic.

He said his ministry estimated that the government would collect an even bigger windfall profit levy for the three months that followed should CPO prices, which had surpassed RM4,000 per tonne, remain at that level. — Bernama