The VAT on edible oil at the import stage has been reduced from 10% to 5% to ensure smooth supply ahead of Ramadan amid rising prices in the market.

The National Board of Revenue (NBR) issued a notification in this regard on Tuesday (November 19). This reduced VAT rate will remain effective until December 15.

It is expected that this initiative will positively impact edible oil prices.

Earlier, on October 17, the NBR waived 15% VAT at the local production stage and 5% VAT at the local trading stage for refined and crude soybean and palm oil.

Previously, the NBR also waived taxes to boost the supply of essential items like rice, potatoes, onions, eggs, edible oil, and sugar.

BDST: 2116 HRS, NOV 19, 2024
MSK