The tax on crude palm oil imports was reduced to 40% from 44% while tax on refined Palm Oil was lowered to 50% from 54%.
India has recently taken a decision to cut the import taxes on crude as well as refined palm oil from Southeast Asian (ASEAN) economies.
The tax on crude palm oil was reduced to 40% from 44% while tax on refined palm oil was lowered to 50% from 54%.
Key motive behind the move.
The tax cut decision on crude and refined palm oil imports was reportedly taken following a request from oil suppliers.
Malaysia to go gain most.
This particular tax cut decision would majorly benefit Malaysia as Malaysian shipments of refined palm oil will be taxed at 45% compared with 54% earlier.
However, this move would give tough time to domestic refining industry and would break growth of palm farms in the country, analysts say.
