Oil refiners seek 5% waiver of import duty on soybean, palm oil
The Bangladesh Vegetable Oil Refiners Association made the proposal during a meeting at the Ministry of Commerce, chaired by Trade Adviser Salehuddin Ahmed, this afternoon (15 October)
The top oil refiners of the country have demanded that the government waive the import duty on soybean and palm oil along with all value-added tax (VAT) imposed at the production and business stages to stabilise the edible oil price in the market.
The Bangladesh Vegetable Oil Refiners Association made the proposal during a meeting at the Ministry of Commerce, chaired by Trade Adviser Salehuddin Ahmed, this afternoon (15 October).
The last price adjustment for soybean and palm oil was made on 18 April 2024. Over the past few months, global prices for these oils have increased, with crude soybean oil rising by 14.8% and RBD palm oil by 18.68%.
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To prevent further price hikes at the local level, the proposal suggested lowering the existing 5% import tax and removing all taxes at the production and business stages.
The oil refiners' proposal stated that such tax relief would help maintain the current prices of edible oils without further increases.
The association had previously applied to the Ministry of Commerce for a price adjustment. The Ministry of Commerce will forward the proposal to the National Board of Revenue (NBR), which will then decide on the necessary course of action.
