Govt slashes VAT on import, trading of edible oil

The government has reduced the value-added tax (VAT) on imports of crude and refined soybean oil, palm oil, and other edible oils to 10 percent from the existing 15 percent, according to a Statutory Regulatory Order (SRO) issued by the Internal Resources Division (IRD) today.

Through another SRO, the division exempted all VAT on local production and trading stages of edible oils.

The reduced VAT will remain effective until December 15 this year.

The development came two days after the Bangladesh Trade and Tariff Commission recommended the revenue administration to cut the indirect taxes to contain prices of the edible oil and inflation, which has been hovering around 9 percent since March 2023. (BSS)