{"id":451,"date":"2024-11-20T02:31:26","date_gmt":"2024-11-20T02:31:26","guid":{"rendered":"https:\/\/www.reflectionnewsbd.com\/?p=451"},"modified":"2024-11-20T02:31:26","modified_gmt":"2024-11-20T02:31:26","slug":"vat-on-edible-oil-slashed-to-5-to-stabilise-prices","status":"publish","type":"post","link":"https:\/\/www.reflectionnewsbd.com\/?p=451","title":{"rendered":"VAT on edible oil slashed to 5% to stabilise prices"},"content":{"rendered":"

RN Desk:The import-level value-added tax (VAT) on edible oil has been reduced from 10 percent to 5 percent to maintain a steady supply in the market.<\/p>\n

The National Board of Revenue (NBR) issued a notification in this regard on Tuesday.<\/p>\n

Earlier, the NBR had issued exemption notifications to boost the supply of rice, potatoes, onions, eggs, edible oil and sugar in the market.<\/p>\n

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On October 17, 2024, to keep oil prices within the purchasing power of the general public, a 15 percent tax exemption was allowed at the local production level, while a 5 percent VAT was imposed at the local business level on the supply of refined and unrefined soybean and palm oil.<\/p>\n

As a result of this exemption, only a 5 percent VAT is currently applicable at the import level.<\/p>\n

The NBR says that the removal of the said VAT will help maintain edible oil prices at a manageable level in the market, ensuring that consumers do not face increased costs.<\/p>\n

This exemption on edible oil will remain effective till December 15, 2024.<\/p>\n<\/div>\n

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