Govt Increases Cess On Palm Oil By RM2 To RM16 A Tonne

Govt Increases Cess On Palm Oil By RM2 To RM16 A Tonne

by admin- Tuesday, February 23rd, 2021 08:30:25 AM

The authorities has increased the cess it collects on palm merchandise comprising crude palm oil (CPO) and palm kernel oil (PKO) produced in Malaysia to RM16 per tonne from RM14.

The Federal Government Gazette published with the aid of the Attorney General’s Chambers sighted by using theedgemarkets.Com become permitted by the Minister of Plantation Industry and Commodities (MPIC) Datuk Dr Mohd Khairuddin Aman Razali, who on Feb 15 said the authorities could be collecting RM16 in cess bills on in keeping with tonne of CPO produced compared to RM14.

According to the report, the Malaysian Palm Oil Board (Cess) Order 2019 changed into amended after consulting the Minister of Finance.

When contacted to affirm the boom in cess, the Malaysian Palm Oil Board said it could not offer specified data as it had not been formally informed by way of the AG’s Chambers or the ministry.

The MPIC has but to respond to queries from theedgemarkets.Com on the time of writing.

The Cess Order, which is stipulated beneath the Malaysian Palm Oil Board Act 1998 (Act 582), is a fee levied by the government to assist the industry.

The cess became closing expanded in 2019 to RM14, from RM13 formerly.

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