Govt approves tax relief of 10% on import of edible oil for two months
Staff Report
Islamabad: The Federal government has approved the tax relief of 10% on the import of edible oil for the month of April and May.
This has been decided in a meeting held under the chair of Federal Minister for Finance and Revenue Shaukat Tarin on Friday that was also attended by Federal Minister for Industries & Production Makhdoom Khusro Bakhtiar, Secretary Industries & Production, Chairman FBR and other senior officials.
The Chair was apprised that monthly average retail prices of RBD palm oil are highly volatile and have increased almost twice compared with last year.
Currently, in the month of January, there has been a significant increase in its prices approximating 1351 per ton so, to deal with the expected shortfall in the month of Ramzan due to a hike in prices, Federal Minister for Finance and Revenue approved the tax relief of 10% on the import of edible oil for the month of April and May.
The tax relief measure on the import of edible oil is being undertaken for the short term to ensure a smooth supply of edible oil to consumers as 90% of the nation’s annual demand for ghee/cooking oil is dependent on imported inputs.
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