India cuts import tax on crude palm oil sourced from ASEAN nations from 44% to 40%
India has slashed import taxes on crude and refined palm oil sourced from Southeast Asian (ASEAN) countries after a request from suppliers. According to the official notification, the duty on crude palm oil was lowered to 40% from 44%, while the tax on refined palm oil was cut to 45% from 54% if imported from Malaysia and to 50%, if purchased from Indonesia or other member-nations of ASEAN. India imports 60% — 15.5 million tonnes annually — of its edible oil requirements, largely from Malaysia, Indonesia, Argentina and Ukraine. The reduction will lead to higher imports of palm oil by the world’s biggest edible oil buyer in coming months as it would narrow the difference between the tropical vegetable oil and competitors such as soyabean oil and sunflower oil.