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The National Board of Revenue (NBR) has again exempted customs duty and VAT on edible oil in order to keep the supply in the market normal and the price affordable during the holy month of Ramadan. The NBR said that this exemption facility will be provided on all edible oils including canola and sunflower oil till March 31. As a result, the import cost of sunflower oil and canola oil may decrease by Tk 40-50 per liter.
In a press release, the NBR said, "The National Board of Revenue has again exempted customs duty and VAT on edible oil in order to keep the supply in the market normal and the price affordable during the holy month of Ramadan. The National Board of Revenue has issued a separate notification completely exempting all existing import duties, regulatory duties and advance income tax on the import of refined and unrefined sunflower, canola, soybean, and palm oil until March 31." In addition, these notifications have completely exempted the value-added tax payable at the local level on the sale of sunflower, canola, soybean, and palm oil for the specified period.
It is said that in addition, the VAT payable at the import stage of these products has been reduced from 15 percent to 5 percent. As a result, no other customs duties remain on these products except 5 percent VAT at the import stage. For this purpose, the latest three SROs have been issued.
The two previous duty exemption notifications issued on October 17 and November 19 were applicable to soybean and palm oil till December 15, 2024. In order to maintain the stability of the edible oil market and keep the price of edible oil affordable for consumers, the existing customs duties and VAT on the import of crude/refined sunflower oil and canola oil have been reduced. Considering the recent upward trend in the international market prices of soybean and palm oil, the validity of the three new notifications has been extended till March 31 to ensure the normal supply of the product during the holy month of Ramadan.
The NBR said that the complete withdrawal of customs duty, regulatory duty, advance tax, and advance income tax on sunflower oil and canola oil and the reduction in value-added tax will reduce the import cost of these oils by 40-50 taka per liter. As a result of all these measures taken by the National Board of Revenue, the supply of edible oil will increase and as a result, the market price will be kept at a tolerable level for the general public. The National Board of Revenue believes that
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