In order to maintain normal supply in the market, the currently applicable import level value added tax on edible oil has been reduced from 10 percent to 5 percent. The National Board of Revenue has issued a notification in this regard on Tuesday (November 19).
Earlier, the National Board of Revenue has issued tax exemption notification to increase the supply of rice, potato, onion, egg, edible oil and sugar in the market.
Incidentally, in order to keep the price of oil within the purchasing power of the common people, 15 (fifteen) percent of local production level and 5 (five) percent tax exemption imposed at the local business level has been granted on October 17 for the supply of refined and unrefined soybean and palm oil. As a result of this exemption, currently only 5 percent value added tax remains in force at the import level.
The National Board of Revenue feels that the exemption of the said value added tax will keep the price of edible oil at a bearable level in the market and consumers will not have to buy edible oil at a higher price. This exemption for edible oil will remain in force until December 15.
