Another 5% VAT cut on edible oil imports

To maintain a normal supply in the market, the VAT on edible oil at the import stage has been reduced from 10% to 5%.

The National Board of Revenue (NBR) issued a notification regarding this on Tuesday.

Earlier, the NBR had issued notifications for tax exemptions to increase the supply of rice, potatoes, onions, eggs, edible oil, and sugar in the market.

Notably, to keep the price of oil within the purchasing power of the general public, on October 17, a tax exemption of 15% at the local production level and 5% at the local business level was granted for refined and crude soybean and palm oils.

As a result, currently, only a 5% VAT remains at the import level.

The NBR believes that this tax exemption will keep edible oil prices at an affordable level in the market, ensuring that consumers do not have to pay higher prices.

This tax exemption on edible oil will remain in effect until December 15.