Govt to lower import duties on eggs, edible oil

The Ministry of Commerce has sent a letter to the National Board of Revenue (NBR) requesting a reduction in the import duty on soybean and palm oil.

Simultaneously, the government has decided to reduce the import duty on eggs.

According to sources from the Ministry of Commerce, the Bangladesh Vegetable Oil Refiners Association recently informed the ministry in a letter that the prices of soybean oil and palm oil have been increasing in the international market for several months.

The association informed the ministry that the price of crude soybean oil has increased by 14.8 per cent and palm oil by 18.68 per cent in the global market.

Due to this, they want to adjust (increase) the prices of both types of oil in the domestic market. The last adjustment was made on April 18.

However, the association has also proposed an alternative.

In a meeting with the Commerce Adviser Salehuddin Ahmed at the Secretariat on Tuesday, the Vegetable Oil Refiners Association suggested that they would not increase prices at the local level if the government reduces the existing import duty from 15 per cent to 10 per cent.

Not only that, they also want all kinds of taxes at the local production and business levels to be withdrawn. Currently, there is a 5 per cent tax imposed at the local level.

Commerce Secretary Mohammad Salim Uddin, NBR Chairman Md Abdur Rahman Khan, Chairman of the Bangladesh Trade and Tariff Commission Moinul Khan, and representatives from edible oil refining mills were present at the meeting.

Following the meeting, the Ministry of Commerce immediately forwarded the proposal of the Vegetable Oil Refiners Association to the National Board of Revenue (NBR).

Regarding this, NBR Chairman Abdur Rahman Khan said, “We have received the proposal. We have also started reviewing the matter of reducing the duty. A notification will be issued soon on this matter.'"

Meanwhile, in a press conference held at the Foreign Service Academy in Dhaka on the same day, Chief Adviser's Deputy Press Secretary Abul Kalam Azad Majumder said the import duty on eggs has been reduced to 13 per cent from existing 30 per cent.

He also said decision has been taken to cut duty by five per cent on the import of edible oil and withdraw value-added-tax to this end.