<p class="title">India's trade ministry has recommended raising the tax on refined palm oil imports from Malaysia by 5% to curb cheaper purchases of the tropical oil, showed a government document.</p>.<p class="bodytext">The ministry has recommended raising the import tax for six months, said the document seen by Reuters.</p>.<p class="bodytext">India currently imposes a 40% import tax on crude palm oil and 50% on refined palm oils. But shipments of refined palm oils from Malaysia have since January been taxed only at 45%, under an agreement with Malaysia.</p>.<p class="bodytext">That led to a surge in refined palm imports in the first seven months of 2019.</p>.<p class="bodytext">Government sources on Friday said India planned to impose an extra 5% tax on vegetable oil imports within weeks and use the revenue to help boost the country's stagnating oilseed production. </p>
<p class="title">India's trade ministry has recommended raising the tax on refined palm oil imports from Malaysia by 5% to curb cheaper purchases of the tropical oil, showed a government document.</p>.<p class="bodytext">The ministry has recommended raising the import tax for six months, said the document seen by Reuters.</p>.<p class="bodytext">India currently imposes a 40% import tax on crude palm oil and 50% on refined palm oils. But shipments of refined palm oils from Malaysia have since January been taxed only at 45%, under an agreement with Malaysia.</p>.<p class="bodytext">That led to a surge in refined palm imports in the first seven months of 2019.</p>.<p class="bodytext">Government sources on Friday said India planned to impose an extra 5% tax on vegetable oil imports within weeks and use the revenue to help boost the country's stagnating oilseed production. </p>