To bring down the price of edible oil in Bangladesh, the Finance Ministry has decided to lower the Value Added Tax (VAT) on imported refined and unrefined soybean and palm oils. On March 15, 2022, the ministry informed reporters that the government had decreased the VAT rate on imported refined and unrefined soybean and palm oils from 15% to 5%. The article is about Govt Decides To Waive VAT on Soybean Import.
The National Revenue Board (NBR) would release a gazette regarding the decision, according to Finance Ministry Public Relations Officer Gazi Towhidul Islam, which will be applicable until June 30. According to Commerce Minister Tipu Munshi, the government has decided to lower the VAT rate on edible oil production, import, and consumption.
“VAT on oil imports will be lessened to 10 or 5 percent from the existing 15 percent,” he said.
The minister announced this during a press conference commemorating World Consumer Rights Day. He said, “Prime Minister Sheikh Hasina has issued directions to lower the VAT rate, which will be published in the gazette in a day or two.” In addition, Tipu Munshi stated that the government will change the Demi Official (DO) system to ensure daily necessities, especially edible oil.
To read more articles from Business Cloud, Please Click Here!