September 4, 2019 / 2:29 PM / 3 months ago

India raises import tax on veg oil from Malaysia by 5% -statement

NEW DELHI, Sept 4 (Reuters) - India has imposed an extra 5% tax on vegetable oil imports from Malaysia for 180 days, a government statement said on Wednesday, to help boost the country’s stagnating oilseed production.

India is the world’s biggest importer of vegetable oils, buying nearly $10 billion worth a year, its biggest import after crude oil and gold.

The country’s consumption of vegetable oils - including palm oil and soyoil - has trebled over the last 20 years as the population grew and incomes rose, while output has increased by less than a third.

India’s veg oil imports from Malaysia surged by 314% to nearly 2.6 million tonnes in the first half of 2019 from October-December 2018, the statement file:///C:/Users/u8002744/Downloads/29-2019%20English.pdf said.

Palm oil accounts for two-thirds of India’s vegetable oil imports.

India currently imposes a 40% import tax on crude palm oil and 50% on refined palm oils. But shipments of refined palm oils from Malaysia have since January been taxed only at 45%, under an agreement with Malaysia.

The new tax will be 50% on imports of veg oil originating in Malaysia, the statement added. (Reporting by Nidhi Verma; Editing by Alasdair Pal)

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