Govt cuts more tariffs to curb the high price of edible oil
'A decision has been taken to reduce VAT at the import level as well. At present, VAT on edible oil imports is 15%, which may be reduced by 10% to 5%,' said Commerce Minister Tipu Munshi
The government has decided to cut more tariffs to curb the high price of edible oil, Commerce Minister Tipu Munshi said today.
"A decision has been taken to reduce VAT at the import level as well. At present, VAT on edible oil imports is 15%, which may be reduced by 10% to 5%," said the commerce minister during a press conference regarding the celebration of World Consumer Rights Day on Monday (14 March).
He said the prime minister had made the decision. A notification in this regard will be issued in a day or two.
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On Thursday (10 March), Finance Minister AHM Mustafa Kamal announced that 15% value-added tax (VAT) on edible oil production and 5% at the consumer level would be withdrawn.
Tipu Munshi further said that the government is going to be strict in maintaining the supply of edible oil and other essential commodities. Changes will be made in the DO system to break the supply barrier of edible oil. Dore owners will be obliged to take delivery of the product within a specified time and make the next delivery.
Consumer Rights Day 2022 will be celebrated in the country tomorrow. On the occasion of the day, the National Department of Consumer Protection has undertaken various programmes.
It was informed at the press conference that from the financial year 2009-10 to February of the year 2020-21, the consumer department has conducted 49,968 raids. A total of 1 lakh 20 thousand 102 organisations have been penalised in these raids. The amount of fine collected through the raids is 82 crore 45 lakh 67 thousand 42 taka.
Senior Secretary at the Ministry of Commerce Tapan Kanti Ghosh and Additional Secretary Internal Trade AHM Shafiquzzaman were present at the press conference.
