Latest news with #SAFTA
News18
2 days ago
- Business
- News18
Edible Oil To Get Cheaper Soon As Govt Cuts Basic Customs Duty To 10%; Details Here
The Centre reduced the basic customs duty on crude palm, soybean, and sunflower oils from 20% to 10%, lowering the total import duty to 16.5% to cut cooking oil prices. In a major decision aimed at reducing domestic cooking oil prices and boosting local processing, the Centre has slashed the basic customs duty on crude palm oil, crude soyabean oil, and crude sunflower oil from 20% to 10%. The decision, effective immediately, is expected to ease retail inflation and reinvigorate India's vegetable oil refining industry. A notification issued by the finance ministry on Friday confirmed the revision, stating that the total effective import duty on these three crude oils now stands at 16.5%, including surcharge and cess, down from 27.5%. The basic customs duty on refined oil remains unchanged at 32.5%. Currently, the effective duty on refined oils is 35.75%. The move comes at a critical time, as India — the world's largest importer of edible oils — imported 159.6 lakh tonnes of edible oils valued at Rs 1.32 lakh crore during the 2023–24 oil marketing year (November–October). India meets over 50% of its edible oil needs through imports, with palm oil sourced from Malaysia and Indonesia, and soyabean oil primarily from Brazil and Argentina. advetisement This significant gap between crude and refined oil duties has been a long-standing demand of industry bodies like SEA and the Indian Vegetable Oil Producers' Association (IVPA), who argue that the influx of cheaper refined oils under trade agreements has harmed domestic refiners. 'The government's decision to increase the duty differential between crude and refined oils from 8.25% to 19.25% is a bold and timely move. It will discourage imports of refined palmolein and shift demand back to crude palm oil, thereby revitalising the domestic refining sector," said Sanjeev Asthana, president of the Solvent Extractors' Association of India (SEA). Solvent Extractors Association of India's (SEA) executive director B V Mehta said the basic custom duty on crude palm oil, crude soyabean oil and crude sunflower oil has been reduced to 10 per cent from the earlier 20 per cent. Sudhakar Desai, president of IVPA, said, 'We thank the government for accepting the IVPA recommendation to increase the duty differential between crude and refined edible oils to 19.25%. This is a significantly bold move towards ensuring Make in India and also protecting the sector from the influx of refined oils causing capacity injury to the vegetable oil sector." According to IVPA data, refined palm oil imports surged from 4.58 lakh metric tonnes during June-September 2024 to 8.24 lakh metric tonnes between October 2024 and February 2025 — accounting for nearly 30% of total palm oil imports. Much of this surge was attributed to zero-duty imports under SAFTA, which created trade distortions and undercut domestic processors. The revision in import duties is expected to bring immediate relief to consumers through reduced prices of packaged cooking oils, while simultaneously strengthening domestic refining capacities and ensuring fair returns for Indian oilseed farmers. About the Author Business Desk First Published: May 31, 2025, 11:42 IST
The Sun
3 days ago
- Business
- The Sun
India cuts import tax on crude edible oils
NEW DELHI: India has reduced the basic import tax on edible oils by 10 percentage points, a move that is expected to improve domestic retail cooking oil demand. This move reduces the basic duty on crude palm oil (CPO), crude soybean oil and crude sunflower oil to 10 per cent from 20 per cent. The effective import duty, which includes agriculture infrastructure and development cess and social welfare surcharge, on crude edible oils will now be 16.5 per cent compared with 27.5 per cent earlier. The Indian Vegetable Oil Producers' Association (IVPA) welcomed the government's decision to slash the duty on crude edible oil imports while leaving it unchanged for refined oils. 'This move will not just strengthen the domestic refining capacities of Indian refiners but also ensure a fair price to oilseed farmers and a fair price to the consumers,' the trade body's president, Sudhakar Desai, said in a statement. India is the world's biggest importer and second-largest consumer of edible oils. Nepalese refiners have significantly increased their sales to India under the South Asian Free Trade Area (SAFTA) rules since the Indian government raised the basic customs duty on crude edible oils from zero to 20 per cent and from 12.5 per cent to 32.5 per cent on refined products in September last year. Indian oilseed crushers had said the narrow duty differential between the crude and refined varieties was hurting their interests.
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Business Standard
3 days ago
- Business
- Business Standard
India cuts crude edible oil duty to 10% to control prices, aid demand
To tame inflation in oils and fats, India has lowered the basic import tax on crude and refined edible oils by 10 percentage points, a move that is also expected to benefit the local processing industry. The decision is likely to bring down edible oil prices, boost demand, and subsequently increase overseas purchases of palm oil, soyoil and sunflower oil. India has halved the basic customs duty on crude palm oil, crude soyoil and crude sunflower oil to 10 per cent from the earlier 20 per cent, the government said in a notification. This will effectively bring down the total import duty on the three oils to 16.5 per cent from 27.5 per cent, as they are also subject to India's Agriculture Infrastructure and Development Cess and Social Welfare Surcharge. Welcoming the move, Sudhakar Desai, president of the Indian Vegetable Oil Producers' Association (IVPA), said the government's decision to reduce the basic import duty on crude edible oil to 10 per cent while leaving net refined oil duties unchanged at 35.25 per cent would increase the duty differential between crude and refined edible oil to 19.25 per cent. 'It is a significantly bold move towards ensuring Make in India and also protecting the sector from an influx of refined oils causing capacity injury to the vegetable oil sector. This move will not just strengthen the domestic refining capacities of Indian refiners but also ensure a fair price to oilseed farmers and a fair price to consumers,' Desai said. According to IVPA data, imports of refined palm oil surged from 4.58 lakh metric tonnes during June–September 2024 to 8.24 lakh metric tonnes (representing about 30 per cent of total palm oil imports) in the period October 2024–February 2025. Additionally, under the South Asian Free Trade Area (SAFTA) provisions of zero duty, refined oils have been glutting the Indian market due to the huge refined oil duty advantage enjoyed by neighbouring countries.
Yahoo
5 days ago
- Entertainment
- Yahoo
Presley Chweneyagae Dies: ‘Tsotsi' Star Was 40
Presley Chweneyagae, who broke out in Oscar-winning South African movie Tsotsi, has died aged 40. Chweneyagae's agent confirmed the news to AP and described him as one of South Africa's 'most gifted and beloved actors.' More from Deadline Mohammed Lakhdar-Hamina Dies: Algerian Cannes Palme D'Or Winner Was 91 John Badalu Dies: Indonesian Producer, Programmer & Advocate For Minority Voices Was 53 Michelle Trachtenberg Cause Of Death Revealed 'His passion for empowering the next generation of artists will remain integral to his legacy,' MLA CEO Nina Morris Lee said in a statement. She did not detail his cause of death. Chweneyagae broke out playing the eponymous ead in Tsotsi, Gavin Hood's movie about a protagonist who leads a gang of small-time thugs. The writer of the original Tsotsi source material, Athol Fugard, died earlier this year aged 92. Tsotsi won the 2006 Academy Award for Best International Feature Film and is one of the most recognizable South African films of all time. After Tsotsi, Chweneyagae went on to feature in a number of projects including Mandela: Long Walk to Freedom and iNumber Number: Jozi Gold. As recently as last year, he won a South African Film and Television Award (SAFTA) for telenovela The River. SAFTA paid tribute to Chweneyagae on X, calling him 'a true legend of South African cinema.' 'It is with deep sadness that we mourn the passing of Presley Chweneyagae — a powerhouse performer whose talent left an indelible mark on our screens and in our hearts,' added the body. Best of Deadline 'The Morning Show' Season 4: Everything We Know So Far 2025 TV Series Renewals: Photo Gallery 2025 Deaths Photo Gallery: Hollywood & Media Obituaries
IOL News
5 days ago
- Entertainment
- IOL News
WATCH: From 'Semi-Soet' to 'Semi-Soeter': get ready for the sequel to SA's beloved romcom
Anel Alexander and Nico Panagio fairy tale faces new trials as work pressures mount and personal dreams clash, forcing them to rethink what forever really means. Image: Supplied. Who would've thought that the same year we were all bracing for the world to end in 2012, South African romcom fans were falling head over heels for "Semi-Soet" ? Directed by Joshua Rous and packed with charm, the Afrikaans-language favourite starred Anel Alexander and Nico Panagio and it quickly carved out a soft spot in the hearts of local audiences. The plot followed career-driven Jaci van Jaarsveld (played by James Alexander), an advertising exec desperate to save her boutique firm, Mojo, from being swallowed up by ruthless corporate shark JP Basson aka 'The Jackal,' brought to life with effortless swagger by Panagio. When a big deal with a family-run wine estate hinges on her appearing in a wholesome relationship, Jaci ropes in a fake fiancé. The shocker? That charming faker turns out to be none other than Basson himself. Video Player is loading. Play Video Play Unmute Current Time 0:00 / Duration -:- Loaded : 0% Stream Type LIVE Seek to live, currently behind live LIVE Remaining Time - 0:00 This is a modal window. Beginning of dialog window. Escape will cancel and close the window. Text Color White Black Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Background Color Black White Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Transparent Window Color Black White Red Green Blue Yellow Magenta Cyan Transparency Transparent Semi-Transparent Opaque Font Size 50% 75% 100% 125% 150% 175% 200% 300% 400% Text Edge Style None Raised Depressed Uniform Dropshadow Font Family Proportional Sans-Serif Monospace Sans-Serif Proportional Serif Monospace Serif Casual Script Small Caps Reset restore all settings to the default values Done Close Modal Dialog End of dialog window. Advertisement Next Stay Close ✕ Cue the chaos. Sparks fly, secrets unravel and viewers were treated to a feel-good story that balanced humour, romance and a touch of local flavour, all against a backdrop of the gorgeous Cape Winelands. According to Anel, who also produced the film, the team wanted to raise the bar. 'We wanted to create something that would set a new standard for Afrikaans romantic comedies - something more polished, more heartfelt,' she told "Rant and Rave Reviews" in 2012. Her husband and co-producer, James Alexander, also added: 'We didn't want slapstick. We wanted something smart, something that could stand next to international rom-coms and hold its own.' Clearly, the effort paid off. The film scored a SAFTA nomination for Best Actor (Panagio) in 2013, and years later, Netflix added "Semi-Soet" to its global catalogue in 2022 giving international audiences a taste of our local magic. Its warm, relatable characters and proudly South African flair made it an instant hit with a whole new audience. Now, over a decade later, the team is back for round two with the aptly named sequel "Semi-Soeter" a title that translates loosely to 'even sweeter,' though judging by the trailer, it's not all smooth sailing. Scheduled to premiere on June 20, the new film explores the tangled world of big deals, messy friendships and matters of the heart. Fan favourite Diaan Lawrenson returns as the loveably scatterbrained Chadrie,and she's not coming alone. Louw Venter and Sandra Vaughn are back as her loyal business partners, offering laughs and life advice in equal measure. And if you thought things couldn't get juicier, screen veteran Hélène Truter joins the cast as Marietjie, the brutally honest matriarch whose revelations threaten to shake things up even more. The first film was praised for its sharp dialogue and beautiful setting not to mention the electric chemistry between Alexander and Panagio. Watch trailer for "Semi-Soeter" below.
