PALM NEWS MALAYSIAN PALM OIL BOARD Friday, 20 Sep 2024

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MARKET DEVELOPMENT
Small increase in sales tax on palm oil
calendar27-08-2002 | linkNULL | Share This Post:

KOTA KINABALU Friday, August 23, 2002 (The Star) - Any proposed increasein sales tax on Sabah palm oil producers will be painless for theindustry, said state Finance Minister Datuk Musa Aman yesterday.He said ministry officials were getting feedback from the industry,including the Malaysian Palm Oil Association (MPOA) and East MalaysiaPlanters Association (EMPA) representatives, before fixing the formula forthe sales tax increase.“We are listening to all suggestions,’’ Musa added after witnessing thesigning of a RM150mil syndicated loan deal between state-owned SawitKinabalu Bhd and three commercial banks here.At the initial meeting withministry officials last week, MPOA and EMPAmembers had indicated that the industry was willing to pay “a bit more’’in the palm oil sales tax.“I think their main concern was that the increaseshould not be too high,”said Musa.