NBR withdrew the tax on edible oil

The National Board of Revenue (NBR) has withdrawn the advance income tax (AIT) levied on soybean and palm oil to control the edible oil market.

The 4 per cent advance tax applicable to the import of crude soybean and palm oil has been completely withdrawn to curb the rise in prices. However, only VAT registered companies will get this facility. This will have a positive impact on the market, the stakeholders think.

Sunday (April 11) NBR Chairman Abu. This information has been known from the order signed by Hena Rahmatul Munim.

Confirming the matter, NBR Director (Public Relations) Syed A. Mu’men said the decision was taken as part of the government’s initiative to control the prices of essential commodities ahead of the holy month of Ramadan. It is expected that the new decision of the NBR will reduce the price of edible oil in the market.

Earlier in the last week of February, several meetings were held between the Ministry of Commerce and the NBR with proposals. It is learned that the NBR was requested by the Commerce Ministry to fix a reasonable rate of tax and VAT on crude soybean and palm oil imports.

Sunbd/NJ