VAT on sugar, edible oil exempted

The National Board of Revenue (NBR) has exempted value-added tax (VAT) on refined and unrefined soybean and palm oil to control edible oil prices in the market.

The VAT on edible oil has been reduced in separate orders signed by NBR Chairman Md Abdur Rahman Khan on Thursday (October 17).

The initial order suspended the 15 per cent value-added tax (VAT) applicable to the production and commercial stages of refined and unrefined soybean or palm oil.

In a separate order, the VAT on imported soybean and palm oil was reduced from 15 per cent to 5 per cent.

The National Board of Revenue (NBR) has also cut import duty on eggs from existing 25 percent to 5 percent.

The duty cut will reduce import costs of eggs by Tk 13.8 per dozen, said a NBR press release issued on Thursday.

The reduction of import duty will increase the supply of eggs in the market and reduce the price of eggs at consumer level.

The reduced import tax for eggs will be valid until December 31 this year.