Photo : Collected
The National Board of Revenue (NBR) has reduced the VAT on import of edible oil to 5 percent from the existing 10 percent.
The revenue board also issued a circular in this regard today in a bid to ensure smooth supply of edible oil in the market. Earlier, the NBR issued circulars giving duty waiver on import of rice, potatoes, sugar, onion, egg and edible oil in a bid to boost the supply of those essentials in the market.
Earlier on October 17, the NBR waived 15 percent VAT on local production stage and 5 percent VAT on local businessmen stage in supply of refined and non-refined soybean and Palm oil.
With the latest waiver, there remains only 5 percent VAT at import stage of edible oil. The revenue board thinks that with the latest measures, the price of edible oil would remain at a tolerable level in the market while the consumers would need not to buy edible oil with excess price.
The NBR also said that such facility on edible oil would remain intact till December 15, 2024.
Messenger/JRTarek
