• Friday, May 14, 2021
  • Last Update : 07:00 am

5% advanced tax waived for refined palm oil during Ramadan

  • Published at 09:32 pm April 19th, 2021
The National Board of Revenue (NBR) office in Dhaka Mehedi Hasan
The National Board of Revenue (NBR) office in Dhaka Mehedi Hasan/Dhaka Tribune

But only VAT registered companies will receive the facility

The National Board of Revenue (NBR) yesterday withdrew the 5% advanced tax on the import of refined palm oil to keep prices in check throughout Ramadan.

NBR Chairman Abu Mohammad Hena Rahmatul Munim has signed an order in this regard, reports Bangla Tribune. 

But only VAT registered companies will receive the facility. 

In this regard, NBR Director (Public Relations) Syed A Mumin said the revenue board has taken such a decision as part of its various initiatives for controlling commodity prices during Ramadan.

Earlier on April 11, the 4% advanced tax for imported and unrefined edible oil — both soybean and palm — was also withdrawn, following several meetings between the Ministry of Commerce and the NBR.

Previously, at a press conference after a meeting of the National Committee on Marketing and Distribution of Essential Commodities on February 17, Commerce Minister Tipu Munshi had announced a maximum price per litre of edible oil per the uniform pricing system.

According to the announcement, loose soybean oil at the mill gate has been fixed at Tk107 per litre, distributor price at Tk110, and retail price at Tk115 per litre. 

Bottled soybean oil price at the mill gate has been set at Tk123 per litre, distributor price at Tk127, and retail price at Tk135 per litre. 

Five litres of bottled soybean oil will cost Tk585 at the mill gate, the distributor price is Tk600, and the retail price is Tk625.

As the international market for crude soybean and palm oil is unstable, the government has fixed the price of edible oil considering the interests of consumers and refining mills of the country.

Edible oil imports include 15% VAT and 5% advance tax on soybean and palm oil, 15% VAT on production, and 5% VAT on the maximum retail price at sales and supply. 

Of these, advance tax has been withdrawn at the import level.

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