• Financial

VAT on edible oil increased till September 30

  • Financial
  • 04 July, 2022 09:19:12

Photo: Collected

News Desk: In order to keep the prices of edible oil (soybean and palm oil) at the consumer level, the existing value added tax facility on this product has been extended for another three months. The term of the facility has been extended for another three months from Sunday (July 3).

The existing VAT facility on edible oil was valid till June 30.

The National Board of Revenue (NBR) on Sunday issued a notification announcing the decision.

According to the notification, the facility will continue till September 30 in the interest of consumers in view of the continuing rise in the price of crude oil in the international market.

At present, only 5 per cent VAT is levied on edible oil at the import stage. And traders do not have to pay any VAT on production and supply. A total of 20 percent VAT has been withdrawn at these two levels. This facility was given by issuing a notification in March this year.

The government reduced the value added tax (VAT) in three steps in mid-March as the price of edible oil continued to rise in the world market.

Comments (0)

Comment ( 0)

  • company_logo