Bangladesh : VAT on import and trading of edible oil slashed
The National Board of Revenue (NBR) in Bangladesh has reduced the value-added tax (VAT) on soybean and palm oil imports, processing, and trading from 15% to 10% to help control essential prices. This exemption will last until December 15, 2024. The decision follows a recommendation from the Bangladesh Trade and Tariff Commission aimed at curbing inflation, which has been around 9% since March 2023.
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.
Source Link : https://www.thedailystar.net/business/news/vat-import-and-trading-edible-oil-slashed-3729806
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