VAT benefit on edible oil import until Dec 31
IRD issues SRO with effect from Oct 1
FE REPORT | Friday, 7 October 2022
The government, on Thursday, extended the 5.0 per cent concessionary VAT benefit on import of edible oil until December 31, 2022.
The benefit, offered on March 14, reducing from the previous 15 per cent, expired on September 30.
The Internal Resources Division (IRD) under the Ministry of Finance (MoF) issued a Statutory Regulatory Order (SRO) with retrospective effect from October 1.
Officials said the tax benefit was extended to rein in prices of the essential commodity in local market.
Earlier, the National Board of Revenue (NBR) also withdrew 15 per cent VAT for soybean and palm oils at production level.
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