VAT on edible oil reduced

The National Board of Revenue (NBR) has reduced value-added tax (VAT) on imports, processing and trading of soybean and palm oil to contain prices of the essentials.

According to separate notifications signed by NBR Chairman Abdur Rahman Khan, the decision will be effective till 15 December.

In one notification, 15 per cent VAT on the production and trading of refined and unrefined soybean or palm oils was slashed. In another notification, the VAT on import of such oils was reduced from 15 per cent to 5 per cent.