KUALA LUMPUR: At least 50% of the crude palm oil (CPO) windfall tax will be channelled to the biofuel stabilisation fund, which is expected to be set up within the first quarter of this year, says Primary Industries Minister Teresa Kok.
“The Finance Ministry has given us the green light that at least half of the windfall levy will be used for the biodiesel stabilisation fund, and we are still working with them on the details,” she told reporters on the sidelines of the ‘We Love Palm Oil’ forum here today.
At the forum earlier, she said the government aims for 70% of the nation’s oil palm cultivation areas to be Malaysian Sustainable Palm Oil (MSPO)-certified by March.
“As of Jan 6, about 62.4% or 3.65 million ha out of 5.85 million ha of oil palm plantations in Malaysia have Malaysian Sustainable Palm Oil Certification, including 341 of 452 mills in the country,” she added. – Jan 7, 2020 Bernama
