Rising cooking oil price: Ditch committees, use common sense!
FORMER Prime Minister Datuk Seri Najib Tun Razak mocked the Government for its inability to stabilise cooking oil prices despite vowing to resolve the matter in January itself.
“In Jan 20, the Government said it will study the soaring cooking oil prices. On June 8, the Government again announced it will deliberate on the matter after prices went up by three times since January.
“But from movement control order (MCO 2.0) until MCO 3.0, with the lockdown almost ending, the Government is still studying the matter.
“Now, they are forming yet another committee to study the issue,” he said, in a Facebook post.
Datuk Seri Najib Razak’s Facebook post
On June 12, Bernama reported the Domestic Trade and Consumer Affairs Ministry (KPDNHEP) as saying that it would conduct a study to set a ceiling price for 5 kg bottled cooking oil, based on the current market price.
Its deputy minister Datuk Rosol Wahid said his team would also discuss the recommended ceiling price with both the Plantation Industries and Commodities Ministry and Finance Ministry.
Use Windfall Tax to subside cooking oil
He said cooking oil had experienced a price hike due to soaring price of crude palm oil.
Unimpressed by the Government’s inaction, Najib said he had offered solution the matter several times but was unheeded by the authorities until today.
“The solution is quite simple. Impose Windfall Tax on the palm oil sector as they are enjoying extraordinary profits right now.
“And use the proceeds to subsidise 5 kg bottled cooking oil for the next six months to stabilise the prices,” he stated.
The Pekan MP added that such measure is needed right now as inflation was rising, putting additional burden on the people who had suffered job losses and reduced income.
“Don’t worry about unscrupulous people smuggling the subsidised cooking oil out as the chances of that happening is slim, due to border closures triggered by COVID-19,” he remarked. – June 27, 2021.
Its deputy minister Datuk Rosol Wahid said his team would also discuss the recommended ceiling price with both the Plantation Industries and Commodities Ministry and Finance Ministry.
Use Windfall Tax to subside cooking oil
He said cooking oil had experienced a price hike due to soaring price of crude palm oil.
Unimpressed by the Government’s inaction, Najib said he had offered solution the matter several times but was unheeded by the authorities until today.
“The solution is quite simple. Impose Windfall Tax on the palm oil sector as they are enjoying extraordinary profits right now.
“And use the proceeds to subsidise 5 kg bottled cooking oil for the next six months to stabilise the prices,” he stated.
The Pekan MP added that such measure is needed right now as inflation was rising, putting additional burden on the people who had suffered job losses and reduced income.
“Don’t worry about unscrupulous people smuggling the subsidised cooking oil out as the chances of that happening is slim, due to border closures triggered by COVID-19,” he remarked. – June 27, 2021.
Why Jibby silent on GST? The Super Duper Tax System. Fair to All and Nobody Escapes.
ReplyDeleteOr is it just a Fair Weather Tax?
Jibby admits he is NOT PATRIOTIC. Still owe 1.7 billion cukai, which can buy a lot of cooking oil,
ReplyDeleteQUOTE
PM: Paying tax is an act of patriotism
By NEVILLE SPYKERMAN
Sunday, 24 Nov 2013
KUALA LUMPUR: Prime Minister Datuk Seri Najib Tun Razak said Sunday that paying tax was part of patriotism when he explained the government’s reasons for implementing the Goods and Services Tax (GST).
He said the revenue was needed to continue developing the country.
"Paying your taxes is an act of patriotism" he said at a seminar on Strengthening the National Economy at the Federal Territories Mosque here on Sunday.
He said Malaysians were now more demanding and had higher expectations from the government.
He said these demands could only be fulfilled if there was more revenue.
He said the only other option was borrowing which was not good for country in the long run.
He said that 160 countries had implemented GST and they could not all be wrong.
He added that only 10 percent of the 14 million workers in the country paid taxes.
UNQUOTE
Jibby admits he is NOT PATRIOTIC. Still owe 1.7 billion cukai, which can buy a lot of cooking oil,
ReplyDeleteQUOTE
PM: Paying tax is an act of patriotism
By NEVILLE SPYKERMAN
Sunday, 24 Nov 2013
KUALA LUMPUR: Prime Minister Datuk Seri Najib Tun Razak said Sunday that paying tax was part of patriotism when he explained the government’s reasons for implementing the Goods and Services Tax (GST).
He said the revenue was needed to continue developing the country.
"Paying your taxes is an act of patriotism" he said at a seminar on Strengthening the National Economy at the Federal Territories Mosque here on Sunday.
He said Malaysians were now more demanding and had higher expectations from the government.
He said these demands could only be fulfilled if there was more revenue.
He said the only other option was borrowing which was not good for country in the long run.
He said that 160 countries had implemented GST and they could not all be wrong.
He added that only 10 percent of the 14 million workers in the country paid taxes.
UNQUOTE
If we impose windfall tax, oil palm plantations will be affected, but similarly hundreds of thousands of Felda smallholders.
ReplyDeletei thot there is windfall tax on palm oil?
ReplyDeleteOredy Got. Jibby Talk Kok and KT C&P Everything He Say. It's His Job Now. Or maybe the windfall tax collected sudah sapu by the Minister on Tudungs.
DeleteQUOTE
Malaysia to collect nearly RM300m from windfall tax on palm oil in 1Q21 — minister
Bernama
May 08, 2021
KUALA NERUS (May 8): The government is expected to earn RM295 million in windfall profit tax in the first three months of this year with crude palm oil (CPO) prices rising above RM2,500 a tonne.
Plantation Industries and Commodities Minister Datuk Dr Khairuddin Aman Razali said this was a positive development amid the lower revenue problem faced by the country due to the effects of the Covid-19 pandemic.
He said his ministry estimated that the government would collect an even bigger windfall profit levy for the three months that followed should CPO prices, which have surpassed RM4,000 per tonne, remain at that level.
“Although we do not expect CPO prices to last at RM4,000 per tonne, we forecast they would average at between RM3,500 and RM3,800 per tonne based on the rising trend in March, April and May.
UNQUOTE
Palm Oil is a globally traded commodity that goes up and down in price ,swings can be crazy.
ReplyDeleteThe Malaysian government already earns export tax on Palm Oil.
In bad years, private sector palm oil producers suffer, and get nothing from the government.
So an added tax on palm oil now will be a form of targetted discrimination.
The price of palm oil will crash back down soon... the Evil Yanks in cahoots with the Evil EU will ensure that.
ReplyDelete