EC PRESIDENCY PREPARED TO DROP OILS AND FATS TAX Belgium, current holder of the European Community presidency, appears ready to drop a controversial oils and fats tax from this year's hotly-contested farm price package, diplomats said. In a discussion document prepared for today's summit meeting of EC leaders, Belgium proposed the so-called "stabilising mechanism" be the subject of "further study and consultation with the Community's main trading partners." The proposal for a tax of as much as 330 Ecus per tonne on both imported and domestically-produced vegetable and marine oils and fats has attracted a storm of international criticism. The discussion document, aimed at preventing a cash row at the summit and breaking the deadlock at this year's farm price talks, contained the first formal reference to dropping the measure. Britain and Denmark, which assumes the EC presidency on June 30, have led the opposition to the measure. They are supported by West Germany and the Netherlands and, to a lesser extent, Spain. Although the paper was not universally welcomed, diplomats said, the proposal to postpone consideration of the tax for a further six months was certain to survive any redrafting.