Boost Bank hits RM150mil SME financing milestone
KUALA LUMPUR: Boost Bank has announced it has disbursed nearly RM150mil in small and medium enterprise (SME) financing to hundreds of SMEs across the country.
In a statement, the digital bank said the disbursements - in typical tranches of RM300,000 - were driven by its core financing solutions of terms loan and revolving credit facilitieis.
Boost Bank CEO Fozia Amanulla said the milestone was representative of how fast digital solutions are reshaping the way businesses operate.
"At Boost Bank, we're committed to supporting SMEs not just with financing, but also with the right tools and services to help them run and grow their businesses confidently in the digital age.'
She added that Boost Bank will soon introduce a new digital platform designed especially for SMEs.
"It will go beyond financing to help small businesses manage their money, payments, and operations all in one place, and making it easier for entrepreneurs to focus on what matters most – growing their business," she said.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
The Sun
6 hours ago
- The Sun
Over 1,000 oil and gas jobs at Perkeso career carnival in Kuala Terengganu
KUALA TERENGGANU: The MyFutureJobs X Oil & Gas Career Carnival, organised by Perkeso, is providing over 1,000 job opportunities in the oil and gas sector. The two-day event, held at Duyong Marina Centre, features top companies like EPIC Sdn Bhd, Perdana Petroleum, and Hibiscus Petroleum Bhd. High-skill roles with salaries up to RM50,000 are available, including rare positions not typically advertised publicly. 'The carnival offers jobs in technical, engineering, geology, HSE, and maritime fields,' Perkeso stated. Positions include project directors with monthly salaries between RM39,000 and RM53,000, and HSE managers earning up to RM22,500. The event also serves as a networking platform with direct guidance from industry experts. 'Shell Southeast Asia professionals will conduct resume review sessions to help applicants improve their CVs,' the statement added. Employability workshops with certified HR trainers will also be held to enhance job seekers' marketability. Fresh graduates are encouraged to apply for roles with starting salaries of RM3,500 and above. Applicants can pre-register at and bring their latest resume to the event. - Bernama
Barnama
8 hours ago
- Barnama
Over 1,000 Jobs On Offer At PERKESO's MyFutureJobs X Oil & Gas Career Carnival
KUALA TERENGGANU, Aug 16 (Bernama) -- The MyFutureJobs X Oil & Gas Career Carnival, organised by the Social Security Organisation (Perkeso), is offering over 1,000 job opportunities to the public, particularly in the oil and gas sector. In a statement, Perkeso said the two-day programme, which kicked off today at the Duyong Marina Centre here, brought together leading companies in the sector, including Eastern Pacific Industrial Corporation (EPIC Sdn Bhd), Perdana Petroleum, Hibiscus Petroleum Bhd, EnQuest PLC, Petra Energy Bhd and PING Petroleum Limited. A number of highly skilled positions, rarely advertised publicly, are available at the carnival, with salaries reaching up to RM50,000. 'The carnival features job prospects across the technical, engineering, geology, occupational health and safety (HSE), and maritime fields. 'The positions offered include project directors, with salaries ranging from RM39,000 to RM53,000 per month; project managers, with salaries of up to RM49,000 per month; and HSE managers, with a maximum salary of RM22,500 per month,' the statement said. According to the statement, in addition to providing job opportunities, the MyFutureJobs X Oil & Gas Career Carnival also served as a platform for the public to build professional networks and receive direct guidance from industry experts. 'Resume review sessions by experienced professionals from Shell Southeast Asia, for example, can help the public produce high-quality and professional resumes and curriculum vitae (CVs). 'We also conduct Enhance Your Employability sessions with certified and experienced human resources trainers to boost the marketability of job seekers,' it said. Jobseekers, particularly fresh graduates, are urged to seize this opportunity to earn a starting salary of RM3,500 and above. To facilitate the application process, applicants can pre-register at and bring their latest resume and CV.
Borneo Post
9 hours ago
- Borneo Post
Making sense of oil palm taxes on growers
Source: The Malaysian Estate Owners Association (MEOA) Annual Report 2025 Oil palm growers are experiencing a strong upswing. Once overlooked as plain jane on Bursa Malaysia, plantation stocks are now drawing renewed interest. With CPO prices holding steady around RM4,000–RM4,200 per tonne, over half of listed planters are in a net cash position. Dividends are returning, balance sheets are solid and many planters are benefiting from brighter conditions. The formula? Mature estates, tight cost control and favourable prices. No tech razzle-dazzle, just steady fundamentals. But amid the celebration, a less glamorous guest knocks: taxation. And with profits soaring, so comes the usual refrain – 'They're making money, continue taxing and why not tax them more?' A simple logic, perhaps. But dangerously simplistic. It is precisely during these profitable upswings that the industry's tax framework should come under the microscope – not as a protest, but as an act of prudence. After all, it's far easier to make reforms when the coffers are full and tempers calm. If we wait until the next market downturn, the appetite for reform may vanish just when the sector needs support the most. That's why I keep returning to this point: it's not about taxing more or less, but about using this window of prosperity to build the foundations for long-term resilience and competitiveness – again and again. Oil Palm's Exclusive and Unique Taxes Ever wondered what Malaysian oil palm growers really pay in taxes? The answer is as layered as the oil palm fruit bunch itself. Compared to sectors like manufacturing, plantation businesses face a heavier tax structure on top of income tax, they also pay MPOB cess, windfall levy (WPL) and state sales taxes (SST). While manufacturers may have higher recruitment costs, they enjoy generous tax incentives and allowances – benefits largely unavailable to planters. Fortunately, the Malaysian Estate Owners' Association (MEOA) has taken on the painstaking task of navigating this fiscal jungle. Year after year, their spreadsheets quietly lay bare a sobering reality: the tax burden on planters is not only heavy, but often complex and, at times, outright lopsided. So, here's my attempt to break it down – for public consumption, minus the jargon. At the heart of the analysis is a deceptively straightforward template. The MEOA estimates tax exposure using national and regional crude palm oil (CPO) and crude palm kernel oil (CPKO) production data from MPOB, overlays it with MPOB's average product prices and yields, and deducts estimated cost of production from the industry. It's a spreadsheet that makes Microsoft Excel sweat – and yet, it offers invaluable insight into what oil palm growers really fork out every year. For the year 2024, Malaysia produced 19.34 million tonnes of CPO and 4.56 million tonnes of palm kernel, from which 2.14 million tonnes of CPKO were extracted. Production was spread across the regions with 56 percent coming from Peninsular Malaysia, and Sabah and Sarawak each contributing 22 percent. The MPOB average prices realised were RM4,179 per tonne for CPO, RM2,645 for palm kernel, and RM5,475 for CPKO. Cost of production per tonne of CPO based from oil palm growers and analysts which includes head office and replanting overheads was estimated at RM2,675 in Peninsular Malaysia, RM3,050 in Sabah and RM3,320 in Sarawak. From this, pre-tax profits could be estimated, setting the stage for calculating the full tax burden. Oil palm growers navigate a thicket of taxes at both Federal and State levels – MPOB cess, WPL, SST and the usual income tax. Smallholders under 40 hectares dodge the WPL, prompting a cheeky industry tip: got 41 hectares? Sell one. But the tax trail doesn't end there. Local councils and agencies pile on property assessments, land cesses and miscellaneous fees. It's a fiscal jungle – and planters are footing the bill at every twist and turn. The first layer is the MPOB Cess, fixed at RM16 per metric tonne of CPO and CPKO produced since March 2021. This is used to fund MPOB's core operations – from research and development to licensing, enforcement, marketing/promotion under MPOC and certification under MSPO, and environmental conservation through the MPOGCF. Based on 2024's production, this translated to RM344 million in total cess collected. Because national production has hovered below 20 million tonnes for several years, cess revenue remains relatively fixed between RM330 to RM360 million annually – with each RM1 of cess translating into roughly RM20 million. Next comes the Windfall Profit Levy (WPL) – a tax that continues to provoke debate. It is imposed when CPO prices exceed RM3,000 per tonne in Peninsular Malaysia and RM3,500 in Sabah and Sarawak. (Note: Effective 1 Jan 2025, the price threshold has been revised upwards by RM150 to RM3,150 for Peninsular Malaysia and RM3,650 pmt for Sabah/Sarawak) . While smallholders are exempt, large and mid-sized growers have no such luck. The tax is charged per metric tonne of fresh fruit bunches (FFB), based on the assumption that high CPO prices equal high grower profits – a notion that oversimplifies the variables involved in plantation economics and selling mechanism. For 2024, WPL collections were estimated at RM1.71 billion. For context, the WPL of previous years reported at RM1.95 billion in 2021, RM3.02 billion in 2022, and RM920 million in 2023 by MOF – numbers that suggest significant volatility set against the CPO prices. The WPL has long been a thorn in the side of oil palm growers, who argue that it's both unfair and biased. It assumes profits are 'extraordinary' without accounting for the very real cost pressures and operational complexities growers face. Worse, it singles out one sector – oil palm – while leaving some other profit-blessed sectors untouched. If windfalls must be taxed, then let the net be cast fairly across all sectors. For growers in East Malaysia, the State Sales Tax (SST) adds yet another fiscal layer. In Sabah, a 7.5 percent SST is imposed on CPO prices above RM1,000 per tonne. Sarawak adopts a tiered model – 2.5 percent above RM1,000, and 5 percent above RM1,500 – applied to both CPO and CPKO. In 2024, Sabah collected RM1.357 billion and Sarawak RM886 million under this tax. While these are constitutionally legitimate state revenues, they undeniably deepen the cost divide between East and West Malaysian growers. What's more troubling is the price thresholds themselves. With RM1,000 and RM1,500 now sitting well below today's production costs, these benchmarks are relics of a bygone era. If fairness is the goal, the least the taxmen could do is bring the thresholds into the 21st century. Then comes income tax – the most familiar of the lot. In Malaysia, corporate tax is set at 24 percent, but SMEs enjoy tiered rates: 15 percent on the first RM150,000 of chargeable income, 17 percent on the next RM450,000, and 24 percent above RM600,000. To simplify the modelling, MEOA assumed a flat 22 percent effective rate – a reasonable national average reflecting the spread of small, medium and large enterprises. Based on estimated profits, this translated to RM6.3 billion in income tax from Peninsular growers, RM2.996 billion from Sabah, and RM2.268 billion from Sarawak – for a grand total of RM7.158 billion in income tax from growers alone. So that's the grand total – RM11.564 billion in taxes. But what does that number actually mean, beyond making accountants and taxmen smile? Here's a relatable yardstick: the cost of a government hospital bed is said to be around RM1.2 million. That means a hundred-bed hospital costs about RM120 million. At RM11.5 billion, oil palm growers could on paper fund nearly 100 such hospitals in a single year. Given that Malaysia had 148 government hospitals in 2022, the industry's tax contribution alone could double that number in just 18 months! That is the simple yardstick of the infra-opportunity with the amount of taxes from oil palm growers. And there's more. East Malaysian growers face a double burden – not just from taxes, but also from geography. With limited downstream refining capacity in Sabah and Sarawak, CPO and PK produced in East Malaysia are sold at a discount compared to prices in Peninsular Malaysia. Buyers typically factor in freight costs when purchasing from East Malaysia, leading to lower prices for producers. The discount typically ranges from RM50 to RM80 pmt, a quiet but persistent cost that erodes profit margins – rarely making headlines, but deeply felt on the ground. Looking at the broader tax-to-profit ratios reveals more telling truths. When total taxes of cess, WPL, SST and income tax are compared to business profits (before WPL and SST), the national average tax burden stands at 31.6 percent. But it's far from evenly distributed. Growers in Peninsular Malaysia shoulder about 26.4 percent, while their peers in Sabah and Sarawak face 40.4 and 42.4 percent respectively. Perhaps, one can begin to understand why growers are hesitant to reinvest in replanting today amid the good process and high cost of good replanting averaging at RM25,000 or more per hectare to maturity. It will require high capital expenditure and incurs around three years of non-revenue bearing gestation. When margins are already taxed to the hilt, losing the high price opportunity and taking on such long-term investment becomes a daunting gamble. This is not a critique against paying fair taxes. But it is a call to look at the upstream sector with nuance. The current tax structure is heavily weighted at the growing end, the most labour-intensive, cost-volatile and price-taking exposed part of the entire value chain. However, it should be noted that with current high palm product prices, the downstream segment of the supply chain is also under tremendous pressure, with margins shrinking to single digits. If the goal is to keep Malaysia's palm oil industry productive, resilient and globally competitive, we must ask whether the taxation model enables that or slowly taxes it into inertia. Rethinking the Billions Make no mistake: RM11.564 billion isn't loose change. But the more urgent question is – what's being done with it? Is it reinvested into the very sector that sustains it, or simply chalked up as yet another windfall, while growers – the hands that feed the nation's palm oil pride – struggle to replant, modernise, or even survive? It's time to shift the national conversation from simply collecting taxes to collaborating on smarter policies that balance fair taxation with long-term resilience. Sure, prices are strong and the sector is cash-positive but costs are rising too: labour, logistics, compliance, you name it. Yields are flat, unit costs are rising, and margins are under pressure. Even worse? Crop losses still haunt the fields. Across Malaysia, crop ripen – only to rot. Not due to tree shortage, but harvester shortage. Every bunch that falls uncollected is not just wasted produce – it's lost income, lost profit- and yes, lost taxes. This sector doesn't need to be taxed into fatigue. It needs to be empowered – to replant, modernise, mechanise. These aren't luxuries. They're survival strategies. Oil palm isn't some fading sunset commodity – it's a sunrise industry being slowly choked by short-termism. We must resist the temptation of quick fiscal wins and commit to the long game. You simply can't keep harvesting fruit while ignoring the roots – eventually, there'll be nothing left. If we're not careful, Malaysia's golden goose won't stop laying eggs – it'll be taxed into extinction. The solution? Smarter, shared-responsibility tax models that spread the load fairly and reinvest wisely. There's no avoiding short-term discomfort. But if the burden is shared, the long-term gain will be all the sweeter and far more sustainable. Replanting: A Litmus Test for Shared Responsibility Oil palms, like people, don't age in reverse. Past 25 years, they shoot skyward, becoming near impossible to harvest. Across Malaysia, 1.4 million hectares are past their prime, quietly dragging down yields and ballooning costs. In Sabah alone, one in three palms is over 20 years old. Yet with CPO prices flying high, many growers delay the inevitable, squeezing out the last drops of revenue and leaving replanting 'for later.' The result? A classic Catch-22. Replanting now hurts short-term profits. But not replanting ensures long-term pain – dwindling yields, rising costs, and underutilised mills. Meanwhile, both government and growers are locked in a fiscal standoff: the former needing revenue, the latter clinging to margins. It's why replanting is the perfect case study of how taxation can evolve into a model of shared responsibility. What's needed isn't grand declarations, but pragmatic execution: a replanting fund seeded by a small, temporary cess during boom periods, matched by windfall tax allocations and safeguarded by transparency. It's not popular, but it's fairer than letting the burden fall unevenly. Let's be clear: Malaysia needs to replant 4–5% of its area each year just to maintain a healthy age profile. We're doing barely half that. A phased, structured push – call it then 'pragmatic replanting' – would give the entire supply chain time to adjust, build up nurseries, contractors and manpower, and cushion the economic shock. Support must go beyond just smallholders. Mid-sized and large estates could be offered soft loans tied to minimum replanting targets – no free lunch, but enough fiscal grease to get the wheels moving. Reinvestment allowances, too, could ease the capital load. This is not about throwing money around. It's about growing smarter. The tax system should support those willing to invest in tomorrow – not penalise them for acting today. Because here's the truth: if we wait for the 'perfect' time, that time will never come. And by the time it does, the industry might be too old and too tired to recover. Replanting is not a cost. It's an investment. And like all good investments, it needs planning, partnership, and policy that thinks beyond the next financial quarter. Time to Rethink, Not Retrench Let's be clear: this isn't a rallying cry to dodge taxes. Oil palm growers have been paying their dues and paying plenty. The issue isn't whether the industry should contribute to nation-building. It already does, and handsomely. The real question is whether our current tax system is pulling in the right direction, or dragging the industry down in a longer term just when it needs to climb higher. Malaysia's palm oil sector is no ordinary industry. It feeds millions, anchors rural livelihoods, earns crucial foreign exchange and provides jobs in regions where few alternatives exist. Yet, it remains the workhorse that's taxed like a thoroughbred. From windfall levies to state sales taxes, from cess to corporate tax, planters don't just bear fruit – they bear the burden of a fiscal framework that too often overlooks nuance. Taxing success is not a crime. But taxing without strategy? That's a missed opportunity. Because here's the rub: today's profits, while welcome, are not permanent. Palm oil is a commodity – cyclical, exposed to global shocks and increasingly scrutinised for sustainability. The cost of labour, logistics, compliance and climate mitigation is rising. The yield potential of aging palms is falling. Mechanisation is urgent but capital-intensive. And replanting – the sector's lifeline – often means at least three years of zero income and massive upfront costs. In this context, a tax regime that treats all players the same, regardless of their size, location, or role in the value chain, is not just blunt – it's damaging. Smallholders with less than 40 hectares may escape the windfall levy, but many mid-sized growers – too big to be exempt, too small to absorb the shock – are caught in the squeeze. What's needed isn't leniency – it's literacy. Fiscal literacy that recognises the differences between boom and bust, between East and West Malaysia, between growers and refiners, between today's earnings and tomorrow's investments. We need a smarter, more adaptive tax framework – one that aligns with national priorities like food security, rural upliftment, mechanisation and ESG commitments. One that rewards efficiency, incentivises replanting, and supports those investing in sustainability rather than punishing them for surviving success. Because let's face it – you can't keep harvesting fruit if you've taxed the tree into fatigue. If growers don't replant, there'll be no yield in the future. If margins are eroded by taxation, modernisation will stall. And if every ringgit earned is seen as fair game for the taxman, it won't be long before this golden goose lays no more eggs. So yes, many planters are doing well now. But 'now' is no substitute for foresight. We must resist the temptation to view CPO prices in isolation, and instead ask: are we future-proofing an industry that still feeds, fuels and funds so much of Malaysia? The conversation must happen before the next crisis – not during it. We must move from short-term extraction to long-term enablement. It's not about paying less. It's about paying smart. A rethink is overdue. A retrenchment would be a tragedy.
