In a bid to keep the market supply normal and the prices at a tolerable level during the holy month of Ramadan, the government has exempted all edible oil, including canola and sunflower oil, from duty, tax, and VAT until March 31, 2025.
The National Board of Revenue (NBR) has issued three separate orders in this regard on Monday.
The NBR has completely exempted all existing import duties, regulatory duties, and advance income tax on the import of refined and unrefined sunflower, canola, soybean, and palm oil until March 31, 2025.
Furthermore, in these orders, the value-added tax payable at the local level on the sale of sunflower, canola, soybean, and palm oil has been completely exempted until the specified period.
Moreover, the VAT payable at the import stage of these products has been decreased from 15% to 5%.
Consequently, no other customs duties other than 5% VAT remained at the import stage on these items.
The validity of the three new notifications has been kept in force till 31/03/2025 to make sure a regular supply of such items during the holy month of Ramadan.
The import cost of these oils will be reduced by Tk 40-50 per liter following the complete withdrawal of customs duty, regulatory duty, advance tax, and advance income tax on sunflower oil and canola oil and the reduction in value-added tax.
