India Considers Adding More Levies on Refined Palm Oil Imports
- Government also considering boost to goods and services tax
- Possible move aimed at increasing processing, cutting imports
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India, the world’s biggest buyer of palm oil, is considering a proposal to further increase import taxes on the refined variety to boost local processing and cut dependence on overseas purchases, according to people with knowledge of the matter.
The government is discussing a proposal to impose a new levy in addition to the existing import duty and raise the goods and services tax on the processed tropical oil, the people said, asking not to be identified as the discussions are not public. Rajesh Malhotra, a finance ministry spokesman, declined to comment on the matter.