The government has agreed to raise the edge value of the providence earnings levy for palm oil in Peninsula Malaysia from RM2,500 to RM3,000, stated Finance Minister Tengku Datuk Seri Zafrul Tengku Abdul Aziz.

For Sabah and Sarawak, the edge fee of the levy may be raised from RM3,000 to RM3,500 and the levy price inside the states might be aligned with the peninsula at three%

“In addition, to in addition assist the palm oil enterprise, the authorities has allotted RM35 million to put in force a replanting scheme by using smallholders,” he said at his Budget 2022 presentation in Parliament.

A sum of RM20 million has additionally been set apart to counter worldwide anti-palm oil activities.

Tengku Zafrul also announced that the National Rubber Industry Transformation Programme can be released to place smallholders, entrepreneurs and small cooperatives below a bigger consortium in order that scrap rubber can be processed into creep rubber.

Under Budget 2022, the authorities has allocated RM2.5 billion for commodity development programmes so one can advantage rural groups.

“Of this, RM1.3 billion could be channelled to Felda underneath a recuperation and development package for settlers, RM495 million for the benefit of Felcra individuals and RM699 million for Risda rubber smallholders,” the minister said.