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Country's biggest tax increase in a decade may cut palm oil imports

India raised its import tax on crude palm oil to 30 per cent from 15 per cent, while the duty for refined palm oil has been raised to 40 per cent from 25 per cent

Reuters  |  Mumbai/Singapore 

India's palm oil imports are likely to drop until the end of the year after the world's largest edible oils buyer raised import taxes to the highest in more than a decade, importers and dealers said. India announced late on Friday that it raised its import tax on crude palm oil to 30 per cent from 15 per cent, while the duty for refined palm oil has been raised to 40 per cent from 25 per cent. Malaysian palm oil futures dropped more than 3 per cent to a three-month low of 2,626 ringgit a tonne on Monday. "Short term demand will see a major impact because it was ...

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First Published: Tue, November 21 2017. 01:20 IST
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