Deadline for VAT exemption on edible oil extended till April 30

The government has extended deadline for VAT exemption on import of soybean oil and palm oil till April 30, 2023 in order to keep stable the price of such edible oil.

The National Board of Revenue (NBR) has issued a notification in this regard on Monday.

The deadline for VAT exemption on import of such edible oil ended on December 31, 2022.

In order to keep the price of edible oil stable during the Holy Month of Ramadan and the Eid Ul Fitr, the Ministry of Commerce recently sent a letter to the National Board of Revenue (NBR) requesting that the revenue board extend the time period of VAT exemption on edible oil imports until June 30 this year.

The NBR responded by making the decision to extend the deadline.

A total of 20 lakh tons of edible oil are currently consumed domestically each year; 2 lakh of those tons are supplied internally, while the remaining 18,000 tons are imported, mostly as soybean and palm oil.