Tariff commission recommended reducing VAT on imports of oil to 10 percent
The government yesterday decided to buy edible oil and lentils worth Tk 350 crore from five local firms in order to sell them among the poor and low-income people at subsidised rates.
The lower import duty structure on crude palm oil, crude sunflower oil and crude soyoil was set to expire in March 2024
Agribusiness in Bangladesh, including food processing and associated machinery production, has the highest potential among eight emerging sectors, with domestic market sales estimated to reach $8 billion by 2025, according to Bangladesh Investment Development Authority (Bida).
Loose soyabean oil price up Tk 9 per litre, 5-litre bottle up Tk 54
Farmers across two coastal districts of Bangladesh, namely Patuakhali and Barguna, as well as Tangail are increasingly growing oilseed crops in a bid to profit from the ever-higher prices of edible oil.
The National Board of Revenue (NBR) is likely to provide a scope to edible oil refiners to import the essential cooking ingredient by paying only 5 per cent Value Added Tax (VAT) until September 30, an official said today.
Even though prices of loose palm and soybean oil have dropped in wholesale markets, consumers are not being able to reap the benefits as retailers are still selling those at the government-fixed prices.
There is a huge hue and cry about the recent unprecedented price hike of soybean oil.
Tariff commission recommended reducing VAT on imports of oil to 10 percent
The government yesterday decided to buy edible oil and lentils worth Tk 350 crore from five local firms in order to sell them among the poor and low-income people at subsidised rates.
The lower import duty structure on crude palm oil, crude sunflower oil and crude soyoil was set to expire in March 2024
Agribusiness in Bangladesh, including food processing and associated machinery production, has the highest potential among eight emerging sectors, with domestic market sales estimated to reach $8 billion by 2025, according to Bangladesh Investment Development Authority (Bida).
Loose soyabean oil price up Tk 9 per litre, 5-litre bottle up Tk 54
Farmers across two coastal districts of Bangladesh, namely Patuakhali and Barguna, as well as Tangail are increasingly growing oilseed crops in a bid to profit from the ever-higher prices of edible oil.
The National Board of Revenue (NBR) is likely to provide a scope to edible oil refiners to import the essential cooking ingredient by paying only 5 per cent Value Added Tax (VAT) until September 30, an official said today.
Even though prices of loose palm and soybean oil have dropped in wholesale markets, consumers are not being able to reap the benefits as retailers are still selling those at the government-fixed prices.
There is a huge hue and cry about the recent unprecedented price hike of soybean oil.
The situation is really concerning and the government must do everything to keep the cooking oil market stable.
