India slashed its basic import duty on crude palm, soybean and sunflower oil to zero from 2.50% previously and reduced the refined oil (palm and soft) duty to 17.50% from 32.50% earlier. In addition, the Agriculture and Infrastructure Development Cess, a fund set up to fund India agriculture development was lowered to 7.50% on CPO and down to 5.00% on soft crude oils from 20% previously. There is no cess on refined products. This is the fifth cycle of changes to India import tax since February of this year as the world largest edible oil importer battles the accelerating oils and fats in the food price inflation basket.
The reduction means the…
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