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  3. NBR Exempts 5% Import Tax on Crude Soybean, Palm Oil

NBR Exempts 5% Import Tax on Crude Soybean, Palm Oil

Staff Correspondent: Food 2025-04-16, 9:58pm

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The National Board of Revenue (NBR) has lifted the 5% advance tax on the import of crude soybean and crude palm oils, providing relief to importers.

However, to avail of this exemption, importers must first obtain approval from the Ministry of Commerce. Additionally, all conditions outlined in the Import Policy Order 2021-2024 must be met, and formalities related to tax invoices, filings, and value-added tax (VAT) must be adhered to.

The NBR clarified that the exemption applies specifically to crude soybean and palm oil imported by registered manufacturing establishments. In cases where a commercial importer has an agreement with a refinery, they may also qualify for the exemption upon receiving prior approval from the Ministry of Commerce. In such cases, the commercial importer will be treated as an industrial establishment for the purpose of the exemption.

This decision is effective immediately, as per the NBR’s order.







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