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Government announces review of the tax collection mechanism.
The May palm oil contract on the Malaysian Derivatives Exchange (MDEX) ended this Tuesday's session (4) with a significant increase of 19.50 points and 2.14%, at US$ 931.00/tonne; that of June rose 21.50 points and 2.45%, at US$ 900.00/tonne.
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Malaysia's Deputy Finance Minister Ahmad bin Maslan said he will improve the tax collection mechanism. Among the measures that will be reviewed is the “prosperity tax”, which taxes unexpected profits from the country's companies.
Furthermore, the market continues to receive support from the announcement of a production cut by the Organization of Petroleum and Allied Exporting Countries (OPEC+) and the consequent increase in vegetable oil prices.
Source: datagro
