Malaysia's Deputy Minister of Primary Industries, Datuk Seri Shamsul Iskandar Mohd Akin, recently addressed concerns regarding the financial impact of taxes on the nation's palm oil industry. In response to a parliamentary question, the Deputy Minister expressed his understanding that these taxes have placed a significant burden on the industry, which is the second largest producer of palm oil worldwide.
1. Malaysia's Deputy Minister of Primary Industries, Datuk Seri Shamsul Iskandar Mohd Akin, has addressed concerns about the financial impact of taxes on the nation's palm oil industry.
2. The Deputy Minister acknowledged that these taxes have placed a significant burden on the industry, which is the second largest producer of palm oil worldwide.
3. The Minister of Plantation Industries and Commodities, Fadillah, also acknowledged the concern and emphasized Malaysia's significant role as the second largest producer of palm oil globally.
4. The government is taking a balanced approach towards taxation to ensure that it remains competitive while also contributing to the nation's economic growth.
5. The government is mindful of the industry's crucial position and aims to alleviate the burden of taxes while supporting the industry's growth.
Malaysia's palm oil industry accounted for 2.8% of the nation's total exports in 2020.
The Minister of Plantation Industries and Commodities acknowledged the concern raised about taxes weighing heavily on the industry. However, Fadillah emphasized the significant role Malaysia plays as the second largest producer of palm oil globally. Being mindful of this crucial position, the government is taking a balanced approach towards taxation, ensuring that it remains competitive while also contributing to the nation's economic growth.