India-No more tax on soy imports.

INDIA -IMPORT TAXES ON SOY REMOVED.

The Government of India has abolished the 20 per cent import duty levied on crude, degummed, soybean oil imposed on 18 November 2008, bringing it on the same level as other crude vegetable oils such as palm, sunflower, and rapeseed.

This, the USDA Foreign Agricultural Service says ends the discriminatory treatment towards soybean oil.

Concerned about domestic food inflation, on 1 April 2008, the Indian Government abolished the import duty on crude palm, soybean, and sunflower seed oil, and also lowered the import duty on refined vegetable oils to 7.5 per cent.

However, on 28 November last year, the Indian Government imposed a 20 per cent import duty on crude soybean oil, while keeping the import duty on other crude vegetable oils at zero.

The recent removal of the import duty on crude soybean oil provides a level playing field for soybean oil in general and for US soybean oil in the Indian market, says the FAS.

Following the duty removal, India has already bought 35,000 tons of US soybean oil during the week of 20 to 26 March. This is the first commercial sale of US soybean oil to India since 2002.