Bangladeshi edible oil traders request 5% duty waiver and VAT elimination for soybean and palm oil, citing global price increases.

Bangladeshi edible oil traders are requesting a 5% import duty waiver and the elimination of value-added tax (VAT) on soybean and palm oil to stabilize domestic prices. The Bangladesh Vegetable Oil Refiners Association raised this proposal during a meeting with the Ministry of Commerce, citing significant global price increases since April 2024. The ministry will forward the proposal to the National Board of Revenue for consideration.