KUALA LUMPUR – The value of the export duty exemption utilised by the palm oil industry amounted to RM325.2 million as of November 27, said Finance Minister Datuk Seri Tengku Zafrul Tengku Abdul Aziz.
“Among the benefits of this tax measure is that it will directly help smallholders ease the selling of their produce to factories,” he said in the 32nd Laksana report on the implementation of the Prihatin, Penjana and Kita Prihatin stimulus packages released today.
The government introduced the export duty exemption of up to 100% for palm oil-based industries to stimulate the growth of the country’s commodity sector and export value.
Meanwhile, the value of the service tax exemption utilised by hotel operators reached a value of RM836.6 million as of November 27, an increase from the RM727.4 million a week ago.
Tengku Zafrul said some RM350 million has been allocated under the Agrobank Micro Credit Financing Scheme out of the total allocation of RM400 million to support the agriculture and food industry.
As of November 27, RM53 million has been channelled, benefiting 5,534 agricultural micro, small and medium enterprises. – Bernama, December 9, 2020
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