The National Board of Revenue (NBR) has exempted VAT on refined and unrefined soybean and palm oil to control the price of edible oil in the market.
Thursday (October 17) NBR chairman. A separate order signed by Abdur Rahman reduced VAT on edible oil.
The order waives the value added tax or VAT of 15 percent applicable at the production and trading stage of refined and unrefined soybean or palm oil.
In another order, the VAT applicable on import of refined and unrefined soybeans or palm oil has been reduced from 15 percent to 5 percent.
Earlier on October 15, while talking to the journalists at the Foreign Service Academy, the Deputy Press Secretary of the Chief Adviser Mohammad Abul Kalam Azad Majumder said that it has been decided to reduce the import duty by 5 percent in the case of edible oil. Besides, it has also been decided to withdraw the value added tax at the level of production and supply. The same day in the conference room of the Ministry of Commerce advisor. In the meeting of edible oil business leaders with Salehuddin Ahmed, it was proposed to reduce the existing duty on the import of edible oil from 15 percent to 5 percent to 10 percent and to exempt the entire value added tax imposed at the production and merchant level.
