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Wednesday, January 21, 2009

...the magic of palm oil...!

Finance Ministry told to end the CPO windfall tax
20 January, 2009

Putra Jaya: The Ministry of Plantation Industries and Commodities has asked the Treasury to abolish windfall tax on Crude Palm Oil (CPO).
Its Minister, Datuk Peter Chin Fah Kui, said he has written to the Finance Ministry on behalf of the planters to seek a repeal but the Finance Minister has yet to reply.
"The request to consider abolishing CPO windfall tax is fair. However, the move by the estate owners to ask for a refund for the tax already collected was unreasonable.
"It is not fair to ask for a refund," he told a media briefing after a dialogue session between his Ministry and Universiti Putra Malaysia administrators here.
The planters had appealed to the Government to scrap the windfall tax and wanted a refund for the RM350 million in windfall taxes collected in July, August and September last year.
Currently, the CPO price is around RM1,800 per tonne, below the threshold for the collection of the tax which is at RM2,000 per tonne.
Chin said the Government was mulling the barter of olein palm oil for fertiliser components from Iran, Syria, Morocco, Jordan, Cambodia and Vietnam under the 1992 Palm Oil Credit and Payment Arrangement with the support of Bank Negara Malaysia.
"We are looking at other countries which are also producing fertiliser components, in particular potash and potassium, the two highly-needed ingredients for the manufacturing of fertilisers," he said.
He said currently, most of the fertilisers used by Malaysian palm oil producers were imported from Canada and Russia, adding that fertilisers accounted for 60 percent of the production cost.
"Therefore, there is a need to find solutions as fertiliser prices have doubled," he said.


http://www.dailyexpress.com.my/news.cfm?NewsID=62431


...the "magic" of palm oil...!
...can you use "organic" fertilizers...?