OREANDA-NEWS The growth of VAT on palm oil to from 10% to 20% may lead to a rise in price of confectionery in six months.This was reported to the publication of "Izvestia" in the Moscow Chamber of Commerce and Industry.

The norm depriving palm oil importers of preferential VAT of 10% is contained in the adopted amendment to the Tax Code, which will enter into force no earlier than October 1.

At the same time, palm oil is actively used in the production of margarines and confectionery fats, and its rise in price can cause a rise in prices for sweets by 5-7%.

Experts note that the replacement of palm oil for the other ingredients of the confectionery industry is almost impossible.