It is proposed to exempt the existing duty of 5 per cent at the import level of edible oil and the entire value added tax levied at the production and trader level. Trade advisor Dr. This proposal was made in a meeting with edible oil business leaders in the conference room of the Ministry of Commerce on Tuesday (October 15) under the chairmanship of Salehuddin Ahmed.
Soybean oil and palm oil prices were last adjusted on April 18. Soybean oil and palm oil prices have increased continuously in the world market for the past few months. Among them, the price of crude soybean oil increased by 14.8 percent and the price of RBD palm oil increased by 18.68 percent. It has been proposed to bring down the existing duty at the import level to 5 percent without increasing the price at the local level and to withdraw all types of duties at the local production and trader level.
Bangladesh Vegetable Oil Refiners Association said that if the duty is exempted, the price of edible oil will not increase. Before this, they applied to the Ministry of Commerce for price adjustment.
It was decided to send a proposal/recommendation to the National Board of Revenue (NBR) from the Ministry of Commerce in this regard. NBR will then decide on the next course of action.
Secretary of the Ministry of Commerce Moha in the meeting. Salim Uddin, Chairman of the National Board of Revenue (NBR). Abdur Rahman, Chairman of Bangladesh Trade and Tariff Commission. Edible oil business leaders including Moinul Khan were present.
