Wait...
  1. Home >
  2. Export Import News >
  3. Import News >
  4. India raises import tax on Malaysian refined palm oil by 5% >
  5. India raises import tax on Malaysian refined palm oil by 5%

Online Export Import Data Search

Recent Searches: No Recent Searches
Complete Training Video : Click Here

India raises import tax on Malaysian refined palm oil by 5%.


Date: 05-09-2019
Subject: India raises import tax on Malaysian refined palm oil by 5%
India has raised the tax on refined palm oil from Malaysia to 50% from 45% for six months to curb imports and boost local refining.

The world’s biggest edible oil importer currently imposes a 40% import tax on crude palm oil and 50% on refined palm oils. But since January, shipments of refined palm oils from Malaysia have been taxed at 45%, under an agreement with Malaysia.


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 overseas buying of refined palm more lucrative.

That led to a 727% surge in Malaysia’s refined palm exports to India in the first half of 2019 to 1.57 million tonnes compared with the same period a year before, according to data compiled by the Malaysian Palm Oil Board.

Mumbai-based trade body the Solvent Extractors’ Association of India said rising shipments of refined palm oil hit local refiners and filed an application with the Directorate General of Trade Remedies for an investigation.

The watchdog last week recommended raising the import tax on refined products.

India said the 50% duty on refined products would be applicable until March 2, 2020.

The hike in duty on refined palm oil will prompt Indian buyers to switch to crude palm oil, said Sandeep Bajoria, chief executive of the Sunvin Group, a Mumbai-based vegetable oil importer.

“Importing refined palm oil is no longer attractive. From October imports of CPO could rise and refined palm will go down,” he said.

India imports palm oil mainly from Indonesia and Malaysia. Indonesia traditionally claimed two-thirds of India’s palm oil imports, but in the first half of 2019 Malaysia surpassed Indonesia as biggest supplier to India due to the duty advantage.

“Indonesia is likely to regain market share again in coming months. It provides crude palm oil more competitively than Malaysia,” said a Mumbai-based dealer with a global trading firm.

Palm oil accounts for two-thirds of India’s vegetable oil imports. New Delhi also imports soyoil from Argentina and Brazil and sunflower oil from Ukraine and Russia.

Source: financialexpress.com

Get Sample Now

Which service(s) are you interested in?
 Export Data
 Import Data
 Both
 Buyers
 Suppliers
 Both
OR
 Exim Help
+


What is New?

Date: 27-05-2020
Notification No. 9/2020-Customs (ADD)
Seeks to levy definitive anti-dumping duty on imports of 'Electronic Calculators of all types excluding calculators with attached printers, commonly referred to as printing calculators; calculators with ability to plot charts and graphs, commonly referred to as graphing calculators; programmable calculators',originating in, or exported from, People's Republic of China for a period of five years, in pursuance of final findings of sunset review investigations issued by DGTR and in supersession of the notification No. 24/2015- Customs (ADD), dated the 29th May, 2015.

Date: 22-05-2020
Notification No. 47/2020-CUSTOMS (N.T.)
Appointment of CAA in case of in case of M/s Satnam Steels, Rajkot.

Date: 22-05-2020
PUBLIC NOTICE No. 06/2015-2020
Inclusion of Gopalpur Port, Odisha as a Port of Registration under Para 4.37 of Handbook of Procedures, 2015-2020.

Date: 22-05-2020
TRADE NOTICE NO. 12/2020-2021
Issuance of Preferential Certificate of Origin for India’s exports to Thailand and Vietnam under ASEAN-India FTA

Date: 21-05-2020
Notification No. 24/2020 - Customs
Seeks to amend notification No. 56/2000-Customs dated 05.05.2000, No. 57/2000-Customs dated 08.05.2000 and No. 40/2015-Customs dated 21.07.2015 providing for extension of last date of export by six months, for those cases where the last date of export falls between 01.2.2020 and 31.7.2020 due to the outbreak of COVID-19 pandemic.

Date: 21-05-2020
Notification No. 25/2020 - Customs
Inclusion of Gopalpur Port [INGPR1] as notified port for getting benefits under AA/ EPCG schemes and other export incentive schemes like MEIS/SEIS and other such schemes.

Date: 21-05-2020
Notification No.46/2020 - Customs (N.T.)
Exchange Rates Notification No.46/2020-Custom (NT) dated 21.05.2020.

Date: 21-05-2020
Notification No.10/2020-Customs (ADD)
Seeks to amend notification No. 27/2015-Customs (ADD) dated 1st June, 2015 to extend the levy of Anti-Dumping duty on acrylic fibres originating in or exported from Thailand for a further period of 6 months.

Date: 20-05-2020
Instruction No. 06/2020-Customs
Instruction Number 06 - Customs on Requirement of Veterinary Certificate

Date: 19-05-2020
Notification No. 45/2020-CUSTOMS (N.T.)
Tariff Notification in respect of Fixation of Tariff Value of Edible Oils, Brass Scrap, Poppy Seeds, Areca Nut, Gold and Silver- Reg.



Exim Guru Copyright © 1999-2020 Exim Guru. All Rights Reserved.
The information presented on the site is believed to be accurate. However, InfodriveIndia takes no legal responsibilities for the validity of the information.
Please read our Terms of Use and Privacy Policy before you use this Export Import Data Directory.

EximGuru.com

C/o InfodriveIndia Pvt Ltd
F-19, Pocket F, Okhla Phase-I
Okhla Industrial Area
New Delhi - 110020, India
Phone : 011 - 40703001