Earlier on Thursday, finance minister AHM Mustafa Kamal told a reporter after a government procurement meeting that the VAT has been withdrawn to control the market prices of edible oil.
Later, the finance minister said that the tariffs on essential commodities including edible oil, sugar and peas will be withdrawn soon.
The NBR imposed 15 per cent VAT on soybean at production level and 5 per cent at the consumer level.
Commerce minister Tipu Munshi at a press briefing at his secretariat on the occasion of consumers’ rights day said that VAT on edible oil imports will be reduced by 10 per cent and VAT at the consumer level by 5 per cent.
At the same time, 15 per cent VAT will be withdrawn at the edible oil production level, he said.