The government has extended the reduced 5 per cent value-added tax (VAT) on edible oil until April 30, 2023.
The extension will be effective from January 1, after the date of the earlier notice in this regard that expired on December 31, said a notification issued by the Finance Ministry on Monday.
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The National Board of Revenue (NBR) slashed the VAT on soybean oil and crude palm oil from 15 per cent to 5 per cent during imports and exempted the VAT at the production and trading stages in March last year.
The government decided to cut VAT on edible oil amid growing concern among consumers over price hike in edible oil and essential commodities.