Published: 18:45, 15 October 2024 Updated: 18:46, 15 October 2024
<img src="https://www.risingbd.com/media/imgAll/2024October/oil-2410151245.jpg" alt="Proposed duty exemption on import of edible oil” title=”Proposed duty exemption on import of edible oil” class=”img-fluid img100 TopImg”/>
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It is proposed to bring down the duty on import of edible oil to 5 percent and exempt all Value Added Tax (VAT) levied at the manufacturing and trader level.
On Tuesday (October 15) at noon, trade advisor Dr. This proposal was made in the meeting of edible oil business leaders with Salehuddin Ahmed.
In a press release, the Ministry of Commerce said that the price of soybean oil and palm oil was last adjusted on April 18. Soybean oil and palm oil prices have increased continuously in the global market for several months. Among them, the price of crude soybean oil has increased by 14.8 percent and the price of palm oil has increased by 18.68 percent.
In the proposal of today’s meeting, it has been said to bring down the import duty to 5 percent without increasing the price at the local level and to withdraw all types of duties at the local production and business level.
As a result of such duty exemption, the existing price of edible oil will be maintained, said the Bangladesh Vegetable Oil Refiners Association. Before this, they applied to the Ministry of Commerce for price adjustments.
In this regard, it was decided to send a proposal from the Ministry of Commerce to the National Board of Revenue (NBR). NBR will take the final decision in this regard.
Secretary of the Ministry of Commerce in the meeting. Salim Uddin, NBR Chairman. Abdur Rahman, Chairman of Bangladesh Trade and Tariff Commission. Edible oil business leaders including Moinul Khan were present.
Hasnat/Hasan/Rafiq
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