Reduced VAT of 5.0pc on edible oil to continue till December

The government on Thursday extended the reduced value-added tax (VAT) 5.0 per cent on edible oil until December 31, 2022.

The extension will be effective from the date of the earlier notice in this regard that expired on September 30, reports UNB citing a notification issued by the Finance Ministry.

The National Board of Revenue (NBR) slashed the VAT on soybean oil and crude palm oil from 15 per cent to 5.0 per cent during imports and exempted the VAT at the production and trading stages in March this year.

The government decided to cut VAT on edible oil amid growing concern among consumers over price hikes in edible oil and essential commodities.