Edible oil import VAT cut to 5.0pc
FE REPORT | Thursday, 17 March 2022
The National Board of Revenue (NBR) has slashed valued-added tax (VAT) on import of cooking oil to 5.0 per cent from 15 per cent. The downward revision of VAT came into effect from Wednesday.
The VAT policy wing has issued a gazette notification in this regard.
Import of refined soybean oil, crude soybean and palm oils and others including refined palm oil would enjoy reduced tax benefit from June 30. 2022.
The government reduced the tax on cooking oil following surge in its prices in the global market and to rein in its runaway prices in the local market ahead of Ramadan.
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