Federation of Bangladesh Chambers of Commerce and Industries (FBCCI) President Md Jashim Uddin has suggested withdrawal of value-added tax (VAT) on the import of edible oil for the next three months to bring stability in the market.
The president of the apex trade body made the call during a meeting on Monday with the importers, millers, refiners, wholesalers and leaders of different market committees to discuss the market situation of edible oil at FBCCI Icon in the capital, reports BSS.
Citing the example of India, Jashim said India has adjusted VAT and duty on edible oil three times and Bangladesh should also go for the adjustment to bring back normalcy in the cooking oil market.
"The government should introduce a bond on import of edible oil to stop the manipulation of the prices of the widely consumed Soybean oil," Jashim suggested.
The FBCCI president said that some unholy businessmen have been selling the oil at higher prices than the price fixed by the government.
“To protect this ill practice, the FBCCI will form a market monitoring cell,” he informed.
Jashim also urged the market committee to actively monitor the market as well as opined that edible oil should not be sold in loose form.
He said despite no deficit of edible oil in the market, the rise of soybean oil prices is abnormal.
