The treasury is not considering introducing a tax on palm oil.
Treasury Minister, Alf Cannan, made the statement in written response to a question in Tynwald earlier this week.
He added - in accordance with the Customs and Excise Agreement - any such tax levy would need to be agreed by both the Island and UK government.
It comes in reply to a query from Speaker for the House of Keys, Juan Watterson, who'd asked what powers the government has to levy such a tax and whether it was being considered.
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