Govt waives 5pc AT on crude edible oil imports

The National Board of Revenue (NBR) has waived the 5.0 per cent advance tax (AT) at the import stage on crude edible oils.

Commercial importers can utilise the opportunity, subject to complying with certain conditions, said a notification issued by the NBR on Wednesday.

Under the import policy, commercial importers with refinery contracts can import approved quantities of crude soybean and palm oils with prior permission from the Commerce Ministry, and this will be treated as industrial establishments, reveals the notification signed my Md Mashiur Rahman, first secretary (VAT Policy) at the NBR.

To avail the exemption, importers must first obtain prior approval from the Ministry of Commerce and fully comply with the Import Policy Order.

Additionally, all related procedures under the Value-Added Tax and Supplementary Duty Act and Rules must be followed, including proper preparation and submission of tax invoices and necessary filings, according to the mortification.

Earlier, the government raised the price of edible oil by Tk 14 per litre after holding consultations with major suppliers.