The National Board of Revenue (NBR) made a decision to eliminate VAT taxes from locally manufactured edible oils including mustard sunflower and canola and rice bran oil. The government made this move to manage increasing prices because the nation suffers from a shortage of soybean oil in bottles. The VAT exemption now also extends to essential trading-stage items including flour and biscuits and liquefied petroleum gas (LPG).
The decision is projected to decrease expenses across different products thus enabling more affordable prices specifically during the upcoming Ramadan period of high demand for essentials. Major business leaders together with market analysis professionals support the decision because they believe it will achieve price stability and provide better value for consumers. Officials guarantee continuous market monitoring to make sure customers receive the benefits that were introduced.
Source: Business Inspection BD
