Govt recommends 5% import tax hike on refined palm oil from Malaysia

26 Aug 2019, Reuters

  • The ministry has recommended raising the import tax for six months.
  • India currently imposes a 40% import tax on crude palm oil and 50% on refined palm oils



India's trade ministry has recommended raising the tax on refined palm oil imports from Malaysia by 5% to curb cheaper purchases of the tropical oil, showed a government document.
The ministry has recommended raising the import tax for six months, said the document seen by Reuters.
India currently imposes a 40% import tax on crude palm oil and 50% on refined palm oils. But shipments of refined palm oils from Malaysia have since January been taxed only at 45%, under an agreement with Malaysia.
That led to a surge in refined palm imports in the first seven months of 2019.
Government sources on Friday said India planned to impose an extra 5% tax on vegetable oil imports within weeks and use the revenue to help boost the country's stagnating oilseed production.
This story has been published from a wire agency feed without modifications to the text. Only the headline has been changed.
https://www.livemint.com/politics/policy/govt-recommends-5-import-tax-hike-on-refined-palm-oil-from-malaysia-1566821134577.html

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