Government further reduces VAT on imported edible oil to 5% to combat price hike

• VAT on imported edible oil reduced to 5%
• National Board of Revenue issued circular on reduction
• Reduction effective until 15 December
• Previously reduced tariffs on essential commodities to tackle price hike
• Import duty on eggs reduced to 13% from 30%
• Import duty on edible oil reduced by 5%
• Tax exemptions introduced at local production and trade levels for soybean and palm oil
• Only 5% VAT remains at import level

Source: tbsnews.net

Note that this post was (partially) written with the help of AI. It is always useful to review the original source material, and where needed to obtain (local) advice from a specialist.

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