The prices of edible oil may drop as the National Board of Revenue (NBR) has granted VAT exemptions on refined and unrefined soybean and palm oil.
Separate orders signed by NBR Chairman Md Abdur Rahman, was issued on Thursday in this regard.
According to the orders, the 15% value-added tax (VAT) applicable on the production and business stages of refined and unrefined soybean or palm oil has been waived.
In another order, the VAT applicable on the import of refined and unrefined soybean or palm oil has been reduced from 15% to 5%.
Earlier, on October 15, Deputy Press Secretary to the Chief Adviser, Mohammad Abul Kalam Azad, mentioned in a discussion with journalists at the Foreign Service Academy that a decision had been made to reduce the import duty on edible oil by 5%.
Additionally, a decision was made to withdraw the value-added tax at the production and supply stages.
On the same day, in a meeting between Adviser Dr Salehuddin Ahmed and edible oil traders at the Ministry of Commerce conference room, a proposal was made to reduce the existing import duty from 15% to 10% and to exempt the entire value-added tax imposed at the production and business stages.
