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VAT on edible oil imports reduced by 10pc

The government has reduced the VAT on edible oil imports from 15 per cent to 5 per cent to curb the high price and thus giving relief to the consumers.

According to a circular of the National Revenue Board (NBR) under the finance ministry issued on Wednesday, VAT has been reduced on the imports of refined soybean oil, non-refined soybean oil, non-refined palm oil and other including refined palm oil.

The reduced VAT amount will be applicable till June 30 this year, said the circular signed by IRD senior secretary Abu Hena Md Rahmatul Muneem.