India raises import tax on edible oils

MUMBAI: India has raised the basic import tax on crude and refined edible oils by 20 percentage points, the government said on Friday, as the world’s biggest edible oil importer tries to support local oilseed farmers.

The move could lift edible oil prices and dampen demand and subsequently reduce overseas purchases of palm oil, soyoil and sunflower oil.

New Delhi on Friday imposed a 20% basic customs duty on crude palm oil, crude soyoil and crude sunflower oil from Sept. 14, the notification said.

This will effectively increase the total import duty on these three oils to 27.5% from 5.5% as India also imposes the Agriculture Infrastructure and Development Cess on these oils.

Imports of refined palm oil, refined soyoil and refined sunflower oil will attract 35.75% import duty against the earlier duty of 13.75%.

India meets more than 70% of its vegetable oil demand through imports. It buys palm oil mainly from Indonesia, Malaysia and Thailand, while it imports soyoil and sunflower oil from Argentina, Brazil, Russia and Ukraine.

Content Source: economictimes.indiatimes.com

India raises import tax on edible oils

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