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* 26-Apr-2022 04:52:55 PM - BANGLADESH WILL CUT IMPORT TAXES ON CANOLA OIL, SUNOIL, OLIVE OIL TO 10% FROM 32% - GOVT SOURCE


Bangladesh will cut edible-oil taxes as Indonesia limits exports - official source - Reuters News

26-Apr-2022 04:53:02 PMBANGLADESH-VEGOILS/ (URGENT)

DHAKA, April 26 (Reuters) - Bangladesh will cut import taxes
on canola, sunflower and olive oil to 10% from 32% as it
desperately tries to augment supplies following Indonesia's
banning of exports of refined palm oil, a senior commerce
ministry official said on Tuesday.
The tax cut will be implemented very soon, said the
official, who had knowledge of the matter but asked not to be
identified.
Indonesia, the world's biggest palm oil exporter, plans from
Thursday to stop shipments of refined, bleached and deodorized
palm olein but will allow exports of crude palm oil or other
derivative products.
"We are looking for alternative suppliers, such as Canada,
the U.S.A. and China, for sunflower oil, canola oil and soybean
oil," the official said.
Bangladesh's Ministry of Commerce did not immediately
respond to a request for comment.
Indonesia usually supplies more than 85% of Bangladesh's
annual palm oil imports of around 1.5 million tonnes. Bangladesh
also imports around 750,000 tonnes a year of soyoil, mainly from
Argentina.
To calm vegetable oil prices, the country last month slashed
value added tax on imported soyoil and palm oil to 5% from 15%.
"Countries like Bangladesh that rely on imported edible oil
will have no choice but to pay higher prices to secure
supplies," the official said. "We're making frantic efforts to
cool prices in the domestic market."
By: via Malaysian Palm Oil Council Russia