Govt waives VAT on soybean, palm oils

The National Board of Revenue, NBR, has waived the value-added tax (VAT) imposed on both crude and refined soybean and palm oils in a bid to control the prices of edible oil.

The VAT was lowered in two separate orders signed by NBR Chairman Md Abdur Rahman Khan on Thursday (October 17).

In the first order, a 15 per cent VAT was waived imposed on both crude and refined soybean and palm oils at the production and business levels.

In the second one, the VAT on import of both kinds of edible oil was reduced to 5 per cent from 15 per cent.

SM/MSU/NMA