The move has been made to keep prices of essential commodities, such as edible oil, stable during Ramadan
The National Board of Revenue (NBR) on Sunday withdrew the 4% advanced tax for imported and unrefined edible oil, both soybean and palm, ahead of the month of Ramadan.
The move has been made to keep prices of essential commodities, such as edible oil, stable during Ramadan, as the period is known to consumers as volatile.
The VAT policy wing of NBR issued a statutory regulatory order (SRO) on the day in this regard.
As of March 15 this year, a litre of loose soybean oil cost Tk117 at retail level, and Tk139 for the bottled variety.
The mill gate, wholesale and retail prices of each five-litre jars of soybean oil have been set at Tk620, Tk640 and Tk660 respectively.
Meanwhile, loose palm oil (super) prices would be Tk104 a litre at the mill gate, Tk106 and Tk109 at wholesale and retail levels.