The revenue board is set to revise downward the VAT on edible oil, in a bid to rein in its skyrocketing price in the local market.
Currently, VAT is payable at three stages on edible oil import, production and distribution.
The VAT wing may waive the tax on the essential item from any of the stages to bring down its tax incidence.
National Board of Revenue (NBR) sources said
the VAT wing was working on it. The revised VAT measures might remain valid until June 30, 2022.
On Monday, the apex chamber leaders demanded withdrawal of taxes on cooking oil following the international price hike.
Earlier, Bangladesh Trade and Tariff Commission (BTTC) recommended imposing a single-stage VAT on edible oil instead of the existing three-tier structure, aiming to stabilise the prices of the key kitchen item.
