Government cuts 10% import duty on palm oil

ISLAMABAD: Federal Minister for Finance and Revenue Shaukat Tarin approved the tax relief of 10 per cent on the import of edible oil for the month of April and May.

The Finance Minister on Friday presided over a meeting to discuss the situation regarding the availability of edible oil.

The chair was apprised that the monthly average retail prices of Refined, bleached, and deodorised (RBD) palm oil are highly volatile and have increased almost twice compared with last year. In January, there was a significant increase of Rs1,351/tonne in its prices.

To deal with the expected shortfall during the month of Ramazan due to a hike in the prices of edible oil, it was decided to provide a temporary relief to the masses by reducing the import duty on the commodity to keep the prices under control and within the reach of people.

The tax relief measure on import of edible oil is being undertaken for a short period to ensure the smooth supply of edible oil to consumers as 90 per cent of the country’s annual demand for ghee and cooking oil is dependent on imported inputs.

Federal Minister for Industries and Production Makhdoom Khusro Bakhtiar, Industries and Production secretary, Federal Board of Revenue (FBR) chairman and other senior officials attended the meeting.