To provide relief to citizens during Ramadan, the federal government approved a 10% tax rebate on the import of edible oil on Friday.
According to a report by the official news agency APP, a meeting chaired by Federal Minister for Finance and Revenue Shaukat Tareen decided on a 10% tax exemption on the import of edible oil.
The Federal Minister for Industries and Production, Khusro Bakhtiar, the Secretary of Industries and Production, the Chairman of the Federal Board of Revenue (FBR), and other senior officials attended the meeting.
According to the report, the average monthly retail price of RBD palm oil is extremely volatile, and its price has nearly doubled this year when compared to last year.
The meeting was informed that the price of palm oil had risen dramatically in January, reaching $ 1,351 per tonne.
To avoid a Ramadan shortfall due to price hikes, the federal finance minister has approved a 10% tax rebate on palm oil imports for April and May.
The meeting was informed that the tax relief decision is only temporary in order to ensure a steady supply of edible oil to the country’s consumers.
During the briefing, it was stated that imports meet 90 percent of the country’s annual demand for edible oil and vegetable ghee.