adminKUALA LUMPUR: The government will spend RM3.886 billion on cooking oil subsidies in 2024 to 2025, compared to RM3.278 billion from the palm oil industry’s extraordinary profit levy collection in the same period, according to the Ministry of Finance (MOF).
MOF informed that the collection of extraordinary profits levy is the revenue of the Federal Government which is included in the Federal Consolidated Fund, in accordance with Article 97(1) of the Federal Constitution.
“The proceeds from this levy collection are then reallocated through the annual budget to fund programs that benefit the people, including the provision of cooking oil subsidies under COSS each year,” according to the ministry.
MOF announced this in a written response to an oral question from Bakri Jamaluddin (PN-Tangga Batu) regarding the collection of palm oil industry levies and the use of the proceeds.
According to the ministry, the government is still subsidizing cooking oil to protect the people from the effects of rising crude palm oil prices in the market.
— BERNAMA
