Tuesday 24, May 2022
BN

FBCCI urges govt to exempt VAT on edible oil

Finance minister AHM Mustafa Kamal on Thursday said that the Bangladesh government had waived valued added tax from soya bean oil.

Finance minister AHM Mustafa Kamal on Thursday said that the Bangladesh government had waived valued added tax from soya bean oil.

He revealed the government decision after a meeting of the cabinet committee on government purchases virtually.

He said VAT had withdrawn from the items needed mostly during the month of Ramadan in Muslims majority country.

On Monday, Federation of Bangladesh Chambers of Commerce and Industries urged the government to remove value-added tax on imported edible oil for next three months to bring stability on the edible oil market.

The finance minister said they approved a proposal from Trading Corporation of Bangladesh to purchase 14,000 tonnes of sugar, 10,000 tonnes of gram, 19,500 tonnes of lentil and 1.71 crore litre of soya bean under direct purchase from local sources.

TCB will distribute the items as part of its extended program to reach one crore families during and ahead of the Ramadan, he said.

SK

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