Govt slashes VAT on import of edible oil

The government on Thursday reduced the Value Added Tax (VAT) on import of soybean and palm oil to 10 per cent from existing 15 per cent.

The National Board of Revenue (NBR) issued two separate notifications reducing VAT on imports, processing and trading of soybean and palm oil.

It also exempted VAT at production and trading of the highly import-based edible oil.

As per the notifications, the reduced VAT will remain effective until 15 December of this year.

On 9 October, the NBR reduced the regulatory duty on both refined and raw sugar imports from 30 per cent to 15 percent aiming to make sugar prices more bearable for consumers.