India ups import tax on Malaysian refined palm oil

Updated 4 years ago · Published on 5 Sep 2019 10:19AM · 3 Comments

India's move to raise the import tax on Malaysian refined palm oil is aimed at boosting the local refining industry. – The Malaysian Insight file pic, September 5, 2019.

INDIA has raised the tax on Malaysian refined palm oil from 45% to 50% for six months, reports Reuters.

The move is aimed at boosting the local refining industry.

India, the world’s biggest edible oils importer, imposes a 40% import tax on crude palm oil and 50% on refined palm oil, but an agreement with Malaysia saw shipments of refined palm oil being taxed 5% less since January.

“This reduced the effective difference in duty between crude palm oil and refined palm oil from Malaysia for Indian refiners to 5.5% from 11%, making the overseas buying of refined palm oil more lucrative,” said Reuters.

The decision led to a spike in India’s import of refined palm oil from Malaysia, said the Malaysian Palm Oil Board.

The Solvent Extractors’ Association of India then asked the Directorate General of Trade Remedies to investigate the matter, as the move negatively impacted local refiners.

The watchdog recommended raising the import tax on refined palm oil. – September 5, 2019.

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Comments

  • It takes One indian fugitive crook to create so much havoc in the country and yet we still want to keep him.
    Those pas pis pus Taliban lebai and their retard walking zombie followers who are mostly from the rural area and involve in palm oil plantation will be suffering the most.

    Posted 4 years ago by Chee yee ng · Reply

    • No they won't. Which government would dare to antagonise these people? Their vote is so much more powerful than those of urban constituencies.

      Posted 4 years ago by Yoon Kok · Reply

  • But I thought I just saw a recent photo op of Mahathir and Modi at some global event ...

    Oh well, lets see how he tackles that with his vote base ... since he also wants to keep Zakir

    Posted 4 years ago by Rock Hensem · Reply