India slashes tax on palm oil imports from ASEAN countries

After a request from suppliers, India has decided to cut import taxes on crude and refined palm oil from Southeast Asian countries.

India slashes tax on palm oil imports from ASEAN countries | BEAMSTART News

From 40 percent, the tax on crude palm oil was lowered to 37.5 percent, while a tax on the refined variety was cut from 50 percent to 45 percent.

The tax reduction will lead to higher imports of palm oil by India in the coming months as it would narrow the difference between the tropical vegetable oil and competitors such as sunflower oil and soy oil.

India primarily imports palm oil from Indonesia and Malaysia and the revised lower tax would apply to almost all palm oil imports.

India imports sunflower oil mainly from Ukraine and Russia and soy oil from Argentina and Brazil.

“Imports of refined palm oil are set to jump in the coming months as the duty gap between crude and refined palm oil has narrowed to 7.5 per cent from 10 percent earlier,” BV Mehta, executive director of the Solvent Extractors’ Association (SEA), said.

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