VAT on edible oil slashed to ease prices

In an effort to regulate the prices of edible oil in the market, the National Board of Revenue (NBR) has announced value-added tax (VAT) reductions for both refined and unrefined soybean and palm oil.

On Thursday, NBR Chairman Md Abdur Rahman Khan issued separate orders to lower the VAT on edible oil products.

In one notification, the NBR exempted VAT at the production and distribution stages of both refined and unrefined soybean and palm oil.

In another notification, the VAT on the import of refined and unrefined soybean and palm oil was reduced from 15% to 5%.

These directives take effect immediately and will remain in force until 15 December 2024.

The NBR made this decision based on recommendations from the Bangladesh Trade and Tariff Commission, following a rise in the prices of soybean and palm oil in the international market over the past few months.