Bangladesh sets 1% tax at source on cooking oil imports
The interim government has imposed a 1 percent tax at source on the import of cooking oil, including soyabean, sunflower, palm, and corn oil.
According to a new notification from the National Board of Revenue (NBR) on Monday, the tax applies to both refined and crude soyabean oil, crude edible oil imported through VAT-registered refining industries, sunflower seeds, and corn oil.
Previously considered essential goods, these items were exempt from any source tax on imports.
Due to a fall in international prices, the price of palm oil was lowered by Tk 19 per litre, bringing the price down to Tk 150, from Tk 169. However, the price of soyabean oil remains unchanged at Tk 189 per litre.
Earlier, on Apr 15, the price of soyabean and palm oils was revised, increasing soyabean oil by Tk 14 per litre to Tk 189. The last price adjustment was made on Dec 9, setting soyabean oil at Tk 175 per litre.
Further development of the grain and oilseed markets of Ukraine and the Black Sea region will be in the spotlight of the BLACK SEA GRAIN. KYIV conference, taking place on April 22–23 in Kyiv. The event will focus on strategic directions for the agricultural sector through 2030, including investments, energy independence, processing, and exports of high-value products.
Join strategic discussions and networking with industry leaders to gain актуальна insights, discover new business opportunities, and build partnerships with key market players.
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