Tariff Commission recommends extending duty exemption on edible oils
The exemption period on these products is scheduled to end on 31 March
The Bangladesh Trade and Tariff Commission (BTTC) has recommended increasing the import duty exemption period on all types of edible oils such as soybean, palm oil, sunflower and canola till 30 June to maintain normal supply and keep prices stable before Eid-ul-Fitr and Eid-ul-Azha.
The BTTC made the recommendation in a letter sent to the National Board of Revenue (NBR) Chairman Abdur Rahman Khan today.
The government last issued a Statutory Regulatory Order (SRO) on 15 December, exempting duties on these products till 31 March.
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Import tax was exempted and value-added tax (VAT) was lowered to 5% on sunflower and canola oil, aligning it with other edible oils, to increase supply and stabilise the market for essential cooking oils.
In the past, VAT was levied on imports, local refining, and trading stages at a reduced rate.
