VAT on import and trading of edible oil slashed

The National Board of Revenue (NBR) today reduced value-added tax (VAT) on imports, processing and trading of soybean and palm oil to contain prices of the essentials.
In separate notifications, the NBR slashed VAT on imports of both kinds of edible oils to 10 percent from existing 15 percent. 
It also exempted VAT at production and trading of the highly import-based edible oil.
The reduced VAT will remain effective until December 15 this year, said the NBR.
The development comes two days after the Bangladesh Trade and Tariff Commission recommended the revenue administration cut the indirect taxes to contain prices of the edible oil and inflation, which has been hovering around 9 percent since March 2023.