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.
October 15, 2024
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