KUALA LUMPUR, April 3 — The government will improve the levy collection mechanism and is prepared to review the windfall profit threshold by taking into consideration palm oil...
KUALA LUMPUR, April 3 — The government will improve the levy collection mechanism and is prepared to review the windfall profit threshold by taking into consideration palm oil production cost, said Deputy Finance Minister I Datuk Seri Ahmad Maslan today.
Ahmad added that the windfall profit levy had been collected by the government on crude palm oil, crude palm kernel oil, oil palm fruit and electricity since January 1, 1999. “We have no desire to impose a prosperity tax on banks but we expect them to contribute more towards corporate social responsibility activities for the people. Similarly, so far there is no industry other than palm oil on which we want to impose a levy,” said Ahmad.
Ahmad said the government used the revenue from the levy to subsidise cooking oil to stabilise prices as well as for reducing the cost of living and other development programmes.
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