The government has cut 10 percent value-added tax (VAT) from the existing 15 percent on edible oil, particularly on soybean, at import level that will be in force until June 30.
This move is aimed at reducing the pressure on consumers’ wallets as many people have expressed dissatisfaction over the high prices of different essential commodities.
The NBR issued a circular signed on Wednesday by its Chairman Abu Hena Md Rahmatul Muneem in this regard.
Earlier on Monday, the NBR had also issued a circular regarding the VAT exemption on soybean oil at production and consumer levels except import.
The circular said, the VAT will completely be reduced from 15 percent at the production level and 5 percent at the consumer level.
However, the existing 15 percent VAT on the import of edible oil would remain unchanged, according to the circular.
Earlier, experts said customers might be able to pay just Tk 1.5-Tk 3 less per litre following the withdrawal of VAT at production and consumer stages.
They mentioned that the customers won’t get more benefit without the withdrawal of VAT at the import level.
