Govt approves 10% tax relief on edible oil import

March 25, 2022 (MLN):  In order to deal with the expected shortfall in the month of Ramzan due to a hike in prices, Shaukat Tarin, Federal Minister for Finance and Revenue, approved the tax relief of 10% on the import of edible oil for the month of April and May, a press release said today.

Federal Minister presided over a meeting on edible oil today. Federal Minister for Industries & Production Makhdoom Khusro Bakhtiar, Secretary Industries & Production, Chairman FBR, and other senior officials attended the meeting.

The Chair was apprised that monthly average retail prices of RBD palm oil are highly volatile and have increased almost twice compared with last year. Currently, in the month of January, there has been a significant increase in its prices approximating 1351 per ton.

The minister approved 10% tax relief on the import of edible oil for the aforementioned period to deal with the expected shortfall in the month of Ramzan amid an increase in its price.

The tax relief measure on import of edible oil is being undertaken for the short term to ensure smooth supply of edible oil to consumers as 90% of the nation’s annual demand for ghee/cooking oil is dependent on imported inputs, it added.

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