NBR lifts 5pc advance import tax on crude soybean and palm oil

The National Board of Revenue (NBR) exempted crude soybean oil and crude palm oil import from paying 5 percent advance tax at the import stage.

To avail this facility, the importers have to take prior permission of the Commerce Ministry.

All the conditions applicable to the import of goods as per the Import Policy Order 2021-2024 shall be complied with for availing this opportunity.

All formalities of tax invoices and filings including accounting related to value added tax shall be complied with.

This order shall come into effect immediately.

The NBR in the order said that exemption has been granted from advance tax on crude soybean oil and crude palm oil imported by a registered manufacturing establishment.

It said that if a commercial importer has entered into an agreement with a refinery that the importer can import the quantity of crude soybean oil and crude palm oil mentioned in the agreement with the prior approval of the Ministry of Commerce and in that case the commercial importer will be considered as an industrial establishment.