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India eyes more levies on refined palm oil imports to push local processing

Such a move by India could reduce refined palm shipments from top producers Indonesia and Malaysia

Malaysian Palm oil futures see sharpest decline in 2 weeks on bearish data

Shruti Srivastava and Pratik Parija | Bloomberg
India, the world’s biggest buyer of palm oil, is considering a proposal to further increase import taxes on the refined variety to boost local processing and cut dependence on overseas purchases, according to people with knowledge of the matter.

The government is discussing a proposal to impose a new levy in addition to the existing import duty and raise the goods and services tax on the processed tropical oil, the people said, asking not to be identified as the discussions are not public. Rajesh Malhotra, a finance ministry spokesman, declined to comment on the matter.

Such a move by India could reduce

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First Published: Oct 30 2019 | 10:29 AM IST

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