National Board of Revenue (NBR) has lifted advance tax on import of the unrefined soybean and palm oils to keep their prices within the people’s affordability during the holy month of Ramadan.
The import of these edible oils will be exempted from 4 percent advance tax on import, says a statutory regulatory order issued by NBR on Sunday.The prices of daily essential commodities, especially of edible oils, soar sharply as the Ramadan approaches every year. Lower and middle-income people bear the brunt of such price hikes.
The refiners have also been demanding the withdrawal of the AT to control the surge in edible oil prices and avoid complexities in securing refunds.
Earlier on March 15, the commerce ministry set the maximum retail prices for soybean and palm oils to ease Bangladesh edible oil market.
The ministry fixed retail price of 1 litre soybean oil at Tk 139 and five-litre at Tk 660.