Jumbangla Desk: It has been proposed to reduce the existing duty on the import of edible oil to 5 percent and exempt the entire value added tax levied at the production and trader level.

Trade advisor Dr. This proposal was made in a meeting with edible oil business leaders in the conference room of the Ministry of Commerce under the chairmanship of Salehuddin Ahmed.

Soybean oil and palm oil prices last adjusted on April 18. Soybean oil and palm oil prices have increased continuously in the world market for the past few months. Among them, the price of crude soybean oil increased by 14.8 percent and the price of RBD palm oil by 18.68 percent.

It has been proposed to bring down the existing duty to 5 percent at the import level without increasing the price at the local level and to withdraw all types of duties at the local production and business level.

Bangladesh Vegetable Oil Refiners Association said that as a result of such duty exemption, the existing price of edible oil will remain unchanged. Before this, they applied to the Ministry of Commerce for price adjustment.

It was decided to send a proposal or recommendation to the National Board of Revenue (NBR) from the Ministry of Commerce in this regard. Later NBR will decide on what to do.

Secretary of the Ministry of Commerce Mohang Salim Uddin, Chairman of the National Board of Revenue (NBR) in the meeting. Abdur Rahman, Chairman of Bangladesh Trade and Tariff Commission. Edible oil business leaders including Moinul Khan were present.