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Bangladesh lifts VAT on imports of cooking oil, sugar
The government will lift VAT on imports of cooking oil, sugar.
The government will lift VAT on imports of cooking oil, sugar and gram in an effort to lower market prices ahead of Ramadan, says Finance Minister AHM Mustafa Kamal.
“We are lifting the VAT on these items so that they remain affordable,” the finance minister told the media after a meeting of the Cabinet committee on government purchases on Thursday.
“The government is providing the support that it can. VAT will not be imposed on cooking oil, sugar and gram.”
The Ministry of Commerce sent a letter to the National Board of Revenue asking for the 15 percent VAT on cooking oil to be lifted in the face of demands from traders.
An NBR official said that ‘work is ongoing’ to lift VAT on necessities in response to that letter.
On Feb 6, the government said that the 10 percent rebate on sugar import duty would be maintained to keep prices stable ahead of Ramadan.