A request to end the windfall tax levied on crude palm oil (CPO) has been sent to Malaysia's government by the country's palm oil producers.
The government began levying the tax on CPO in July 2008 when the product was selling at RM3,575 (USD990) per metric tonne.
However, in the months since the introduction of the tax, the price of CPO has dropped significantly, to around RM1,850 per tonne - below the RM2,000 threshold when the tax begins to kick in.
In light of this, a request has been sent from the Ministry of Plantation Industries and Commodities to the government via the Ministry of Finance for the tax to be dropped.
Producers have also requested that RM350m worth of tax paid on CPO in the months of July, August and September 2008, when CPO prices began to drop below the tax threshold, be refunded.
The MoF has yet to issue a response to the request.
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