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Vegetable Oil Imports Set To Be Taxed In India

by Mary Swire, Tax-News.com, Hong Kong

28 October 2008


The reintroduction of a tax on vegetable oil imports and removal of tax on exports are being considered by India's government in the light of a sharp fall in edible oil prices.

According to the country's agriculture minister Sharad Pawar, a levy on the produce may be introduced by the end of the month.

The government has already made alterations to rates of import and export tax this year, slashing the levy on edible imports to 0% in April, in addition to introducing a steep export levy on basmati to preserve domestic supplies as demand grew. However, prices have since declined.

India is second only to China in the quantity of imported vegetable oil it consumes. Many of its resources derive from Indonesia, Malaysia and South America, and the government is keen to keep these relationships as strong as possible


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