Govt to Procure 1.40Cr litre of Edible Oil for TCB

Pran-RFL Group, one of Bangladesh's largest conglomerates, has unveiled its first sustainability report, "Nurturing Lives, Sustaining Tomorrow," outlining its commitment to aligning all investments with the UN’s Sustainable Development Goals (SDGs).

The National Board of Revenue (NBR) discovered that British American Tobacco (BAT) Bangladesh Limited evaded Tk 379 crore in value-added tax (VAT) over the past four fiscal years. An investigation by the NBR's Large Taxpayers Unit (LTU-VAT) revealed that BAT sold products at higher prices than reported without paying corresponding higher taxes.

The Trading Corporation of Bangladesh (TCB) plans to procure 66 million litres of edible oil, 10,000 tonnes of sugar, and 10,000 tonnes of lentils from local suppliers to support 10 million low-income families. Despite issuing tenders, TCB faces challenges due to higher supplier rates and reluctance to bid at government-fixed prices.

The government will procure soybean oil, lentils, LNG, and fertilisers to meet domestic demand. The Advisors Council Committee on Government Purchase, chaired by Finance Adviser Dr Salehuddin Ahmed, approved proposals for these procurements.

The National Board of Revenue (NBR) has removed all import taxes on sunflower and canola oils and reduced the VAT on their imports to 5 percent, aiming to boost supply and control rising edible oil prices. Effective until March 31 next year, this move is expected to reduce import costs by Tk 40-50 per litre.