VAT on imported edible oil further reduced to 5%
Previously, the revenue board reduced tariffs on imported essential commodities - rice, potato, onion, eggs, sugar and edible oil - to tackle the spiraling price hike
The government today again reduced the Value-Addition Tax (VAT) on imported edible oil by 5% from 10%.
The National Board of Revenue (NBR) has issued a circular in this regard today (19 November).
The facility will stay effective till 15 December, reads the circular.
Previously, the revenue board reduced tariffs on imported essential commodities - rice, potato, onion, eggs, sugar and edible oil - to tackle the spiralling price hike.
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Earlier on 17 October, the government reduced the import duty on eggs and edible oil imports.
"The import duty on eggs has been reduced to 13% from 30%. Besides, the duty on edible oil has been reduced by 5%," Chief Adviser's Deputy Press Secretary Abul Kalam Majumder said in a press briefing in the evening.
According to the NBR circular, the government earlier introduced a 15% tax exemption at the local production level and a 5% VAT exemption levied at the local trade level in the supply of refined and unrefined soybean and palm oil.
The facilities were introduced to tackle the surging price of edible oils in the market.
As a result of the exemptions, currently only 5% value-added tax remains in force at the import level.
