Centre proposes import tax hike on Malaysian refined palm oil

India's trade ministry has recommended raising the tax on refined palm oil imports from Malaysia to 50% from 45% to curb cheaper purchases of the commodity, a government document said. The ministry has recommended raising the import tax for six months, said the document seen by Reuters.

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

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