NBR lifts advance tax on refined palm oil import

BSS, Dhaka

The National Board of Revenue (NBR) has withdrawn 5 percent Advance Tax on import of refined palm oil in a bid to control the price of edible oil in the local market.

An order of the NBR signed by its Chairman Abu Hena Md Rahmatul Muneem on Monday said that only the VAT registered firms would get such facility while the move is expected to put a positive impact on the market.

Talking to BSS, Director of Communications, Department of NBR Syed A Momen said that the revenue board has taken the decision as part of the government efforts to keep the price of essentials stable during the month of Ramadan.

Earlier on April 11, the government waived Advance Tax on unrefined edible oil and palm oil.