Traders seek 5pc duty waiver on import of soybean, palm oils

Leaders of the edible oil traders today sought waiver of import duty on soybean and palm oils along with all value-added tax (VAT) imposed at the production and business stages to stabilise the edible oil prices in the market.

The Bangladesh Vegetable Oil Refiners Association made the proposal during a meeting at the Ministry of Commerce, chaired by Adviser for the Ministries of Finance and Commerce Dr Salehuddin Ahmed at the Commerce Ministry conference room in the city, said a press release, BSS reports.

The last price adjustment for soybean and palm oil was made on 18 April 2024. Over the past few months, global prices for these oils have increased, with crude soybean oil rising by 14.8 percent and RBD palm oil by 18.68 percent.

To prevent further price hikes at the local level, the proposal suggested lowering the existing 5 percent import tax and removing all taxes at the production and business stages.

The oil refiners’ proposal stated that such tax relief would help maintain the current prices of edible oils without further increases.

The association had previously applied to the Ministry of Commerce for a price adjustment. The Ministry of Commerce will forward the proposal to the National Board of Revenue (NBR), which will then decide on the necessary course of action.