Introduction:
In accordance with section 6 of the Windfall Profit Levy Act 1998 [Act 592], the Minister has exercised power to make the Windfall Profit Levy (Oil Palm Fruit) Order 2023.
The order comes into effect on 1st February 2023.
The order prescribes the price of locally delivered crude palm oil per metric ton and clarifies the interpretation of “oil palm fruit.”
Interpretation:
In this Order, “oil palm fruit” refers to the unprocessed fruit of the oil palm, whether in bunches or loose form.
Prescribed Goods:
The Minister prescribes oil palm fruit as prescribed goods for the purposes of the Act.
Determination of Price:
Paragraph 4 of the order stipulates that the price of locally delivered crude palm oil per metric ton shall be based on the monthly average national price published by the Malaysian Palm Oil Board.
The Malaysian Palm Oil Board is a corporate body established under section 3 of the Malaysian Palm Oil Board Act 1998 [Act 582].
Payment of levy:
Any owner of an oil palm holding which is not less than 40.46 hectares or 100 acres, or oil palm holdings which in aggregate amount to not less than 40.46 hectares or 100 acres, who worked the oil palm holding, and any oil palm fruit producer who worked an oil palm holding which is not less than 40.46 hectares or 100 acres, or oil palm holdings which in aggregate amount to not less than 40.46 hectares or 100 acres, shall pay to the proper officer of customs a windfall profit levy in respect of oil palm fruit produced by such owner and oil palm fruit producer based on the rate calculated as follows:
In this paragraph, “palm oil” means palm oil in crude form originating or extracted from the pericarp of the oil palm fruit.
The oil palm holding referred to above does not include an oil palm holding in a group settlement area under the Land (Group Settlement Areas) Act 1960 [Act 530].
Conclusion:
We advise all concerned parties to take note of this order and comply with the regulations stated therein.
This order will ensure fair pricing and regulation of oil palm fruit under the Windfall Profit Levy Act 1998 [Act 592].
Reference:
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