Industry demands hike in import duty on sunflower, soybean oils
The Dollar Business Bureau Solvent Extractors' Association (SEA) on Monday sought increase in duty on sunflower and soybean oils in order to protect interests of farmers. However, the edible oil industry welcomed the Government’s move of increasing the duty on the imports of crude and refined palm oils. Recently, the Government has increased import duty on crude palm oil to 44% from 30%, whereas custom duty on refined palm oil and refined palmolein has been increased to 54% from 40%. “We had been representing to the Government to increase duties on imported oils as our dependence on them has reached alarming levels of almost 70% of our consumption. We are happy at this hike,” SEA said in a statement. However, the industry body expressed ...
Govt cuts import duty on sunflower seeds to 10%
The Dollar Business Bureau The Government has announced a cut in the import duty on sunflower seeds to 10% from 30%. The Department of Revenue, Ministry of Finance, has issued a notification (No.9/2017 - Customs) on Thursday, amending the earlier notification No.12/2012-Customs, dated March 17, 2012. It has fixed the import duty on sunflower seeds at 10% and shall come into effect from April 1, 2017 “Amendment to Notification No.12/2012-Customs, so as to reduce the basic Customs duty from 30% to 10% on sunflower seeds falling under tariff item 1206 00 90 (i.e. other than of seed quality) for the purpose of extraction and refining of oil subject to actual user condition, for the period from April 1, 2017 to ...
