Edible oil traders have demanded that the government reduce the import duty on soybean and palm oils from 15 percent to 10 percent. At the same time, they also called for the removal of all value-added tax (VAT) applied at the production stages to help stabilize market prices, reports BSS.
The Bangladesh Vegetable Oil Refiners Association made this proposal during a meeting at the Ministry of Commerce, chaired by the Adviser for the Ministries of Finance and Commerce Dr Salehuddin Ahmed, said a press release.
The most recent price adjustment for soybean and palm oil occurred on April 18, 2024. In the past few months, global prices of these oils have surged, with crude soybean oil increasing by 14.8 percent and RBD palm oil increasing by 18.68 percent.
To prevent further price hikes, the proposal suggested reducing the import tax and removing all taxes at the production and business stages.
The proposal stated that such tax relief would help maintain the current prices of edible oils.
The association had earlier submitted a request to the Ministry of Commerce for a price adjustment. The Ministry will forward the proposal to the National Board of Revenue, which will determine the necessary course of action.
bd-pratidin/Rafid
