5 per cent cut in import VAT on edible oil to continue till December

The government on Thursday extended the reduced 5 per cent value-added tax (VAT) on edible oil until December 31, 2022.


The extension will be effective from the date of the earlier notice in this regard that expired on September 30, said a notification issued by the Finance Ministry.


The National Board of Revenue (NBR) slashed the VAT on soybean oil and crude palm oil from 15 per cent to 5 per cent during imports and exempted the VAT at the production and trading stages in March this year.


The government decided to cut VAT on edible oil amid growing concern among consumers over price hike in edible oil and essential commodities.


Source: United News of Bangladesh