Govt reduces duty, VAT on four essentials, including rice, edible oil
At present, about 63% of tax including duty and VAT has to be paid on the import of rice. The new order has brought down the Total Tax Incidence to 15%.
The government has slashed the duty and value-added tax (VAT) on the import of rice, edible oil, sugar and dates to stabilise the market.
The National Board of Revenue (NBR) issued a notification in this regard on Wednesday (7 February) which was published on Thursday (8 February).
At present, about 63% of tax including duty and VAT has to be paid on the import of rice. The new order has brought down the Total Tax Incidence (TTI) to 15%.
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Besides, the VAT on oil import has been reduced from 15% to 10% and the VAT has been withdrawn at the production and retail stage.
On the other hand, import tax on date palm has been reduced to 43%, which was about 59% before.
The duty on sugar import was $1500 per metric tonne till now, it has been reduced to $1000.
