The National Board of Revenue (NBR) has announced a reduction in the value-added tax (VAT) on the import of edible oil, decreasing it from 15% to 10%.
In an official directive signed by NBR Chairman Md Abdur Rahman on Thursday (17 October), the tax reduction on edible oil was confirmed.
Earlier, on Tuesday, during a meeting at the Ministry of Commerce’s conference room, attended by Commerce Adviser Dr Salehuddin Ahmed and representatives of edible oil traders, a proposal was made to reduce the existing import duty on edible oil from 15% to 10%.
Additionally, it was suggested to exempt the entire VAT imposed at the production and business levels.
The Bangladesh Vegetable Oil Refiners Association stated that this tax relief would help maintain current prices of edible oil, ensuring there is no further price increase.
