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Economic Reporter //

The National Board of Revenue (NBR) has exempted duty and VAT on edible oil in order to keep supply normal in the market and prices affordable during the upcoming Ramadan. All existing import duties, regulatory duties and advance income tax on the import of refined and unrefined sunflower, canola, soybean and palm oil have been completely exempted until March 31, 2025.

This information was given in a notification by the NBR on Monday.

It said that the National Board of Revenue has issued 3 separate notifications completely exempting all existing import duties, regulatory duties and advance income tax on the import of refined and unrefined sunflower, canola, soybean and palm oil until March 31, 2025.

These notifications have completely exempted the value added tax payable at the local level on the sale of sunflower, canola, soybean and palm oil for the specified period.

Moreover, the VAT payable at the import stage of these products has been reduced from 15 percent to 5 percent. As a result, there will be no other customs duties and taxes remaining on these products at the import stage except for the 5 percent VAT.

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