Exempt 5pc VAT on soybean oil imports

Business Desk :
Federation of Bangladesh Chambers of Commerce and Industries (FBCCI) President Md Jashim Uddin on Wednesday urged the government to exempt the existing 5 per cent VAT on soybean oil at import level to control its prices in the local market. He made the call at a view exchange meeting with edible oil importers, stockers, and suppliers at FBCCI office in the capital.
Earlier on March 16, the government reduced value-added tax (VAT) on the imports of soybean oil and crude palm oil from 15 per cent to 5 per cent till June 30. The FBCCI president also called upon all oil traders to do business properly instead of stocking up. “The authority concerned should not also cause any hassle to the traders in the name of conducting drive,” he added.