VAT to be relaxed on producing, importing, consuming edible oil

Commerce minister Tipu Munshi on Monday said the government has decided to relax the amount of VAT (Value Added Tax) in producing, importing and consuming edible oil in the country.

"VAT on oil imports will be lessened to 10 or 5 per cent from the existing 15 per cent," he said.

The minister came up with this disclosure on Monday afternoon at a press conference marking World Consumer Rights Day. He said prime minister Sheikh Hasina has issued directives to decrease the VAT rate, which will be made public through a gazette within a day or two.

Tipu Munshi said the government will ensure the supply of daily commodities, including edible oil, through changing the Demi Official (DO) system.

At the the press conference, it was said that 49,968 drives were conducted by the consumers’ directorate between the 2009-10 fiscal and the 2020-21. At that time, 120,102 business establishments were fined Tk 824,567,042.