ISLAMABAD: The federal government on Friday approved a 10 percent tax rebate on the import of edible oil to provide relief to citizens during Ramadan.
According to the report of the official news agency APP, the decision of 10% tax exemption on the import of edible oil was taken in a meeting chaired by Federal Minister for Finance and Revenue Shaukat Tareen.
The meeting was attended by the Federal Minister for Industries and Production Khusro Bakhtiar, Secretary Industries and Production, Chairman Federal Board of Revenue (FBR), and other senior officials.
As per the report, the Finance Minister was informed that the average monthly retail price of RBD palm oil is very volatile and its price has almost doubled this year as compared to last year.
The meeting was informed that the price of palm oil has increased significantly in the month of January and reached $ 1,351 per tonne.
The federal finance minister has approved a 10 percent tax rebate on palm oil imports for April and May to avoid the expected shortfall in Ramadan due to price hikes.
The meeting was informed that this decision of tax relief is for a short period to ensure an easy supply of edible oil to the consumers in the country.
During the briefing, it was said that 90% of the annual demand for edible oil and vegetable ghee in the country is being met through imports.
