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Issue No. 46/2024 | 20 December 2024
Increase in thresholds for windfall profit levy on oil palm fruit
The Windfall Profit Levy (Oil Palm Fruit) (Amendment) Order 2024 dated 16 December 2024 was recently issued to increase the thresholds for calculation of windfall profit levy on oil palm fruit. The thresholds for calculation of windfall profit levy on oil palm fruit will be increased from RM3,000 per metric tonne to RM3,150 per metric tonne for Peninsular Malaysia and from RM3,500 per metric tonne to RM3,650 per metric tonne for Sabah and Sarawak with effect from 1 January 2025.
PwC Comment
The rate of increase in the thresholds and the effective date are as per the Budget 2025 announcement made on 18 October 2024.
If you think your business may be affected by the above change or if you need any clarification or assistance, please do not hesitate to contact us and we would be happy to assist you.
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