India's tax increase on crude palm oil imports could reduce shipments

After the changes, crude palm oil imports would effectively attract 35.75% tax against 30.25% previously, B.V. Mehta, executive director of the Solvent Extractors' Association, a Mumbai-based trade body, said.

MUMBAI: India has imposed an additional tax on crude palm oil imports as the world's biggest importer of vegetable oils tries to build domestic agriculture infrastructure by taxing imports, Finance Minister Nirmala Sitharaman said on Monday.

India cut the basic import tax on crude palm oil to 15% from 27.5%, but imposed a 17.5% "cess" - a separate tax - on the imports, Sitharaman said in her federal budget speech.