The government has imposed a 1% source tax on all categories of edible oil imports in Bangladesh, introducing a new levy on a key consumer commodity.

The National Board of Revenue (NBR) issued the order on Monday (September 15), signed by its Member (Tax Policy) AKM Badiul Alam.

According to the gazette, both refined and crude soybean oil, sunflower seed and oil, palm oil, and corn oil will now be subject to a 1% source tax at the point of import. Until now, these products were exempt from such taxation.

The move follows the government’s decision in August to cut palm oil prices by BDT 19 per litre, setting the new retail price at BDT 150. Soybean oil prices remain unchanged at BDT 189 per litre.

SMS/