Staff Reporter :
The government has decided to reduce duty and value-added tax (VAT) on the import of rice, edible oil, sugar and dates to stabilise the market.
The National Board of Revenue (NBR) issued a notification in this regard on Wednesday (February 7) which was published on Thursday (8 February).
At present, about 63% of tax including duty and VAT has to be paid on the import of rice. The new order has brought down the Total Tax Incidence (TTI) to 15%.
Besides, the VAT on oil import has been reduced from 15% to 10% and the VAT has been withdrawn at the production and retail stage.
On the other hand, import tax on date palm has been reduced to 43%, which was about 59% before.
