NBR Cuts Import Taxes on Sunflower and Canola Oils

Industry: Commodity, Consumer & Retail
Economic Tag: Vat & Tax

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. The decision follows the Bangladesh Trade and Tariff Commission’s (BTTC) recommendation to diversify cooking oil options amid soaring prices caused by global supply concerns and inflation. Previously, crude sunflower and canola oil imports faced 31-37 percent duties, while refined versions were taxed up to 58 percent. With Bangladesh relying on imports for its annual demand of 23 lakh tonnes of edible oil, the tax cuts are expected to ease market pressure.

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