Jumbangla Desk: An urgent initiative has been taken to reduce the price of edible oil in the market. The National Board of Revenue (NBR) has exempted VAT on refined and unrefined soybean and palm oil.

Thursday (October 17) NBR chairman. Two separate orders signed by Abdur Rahman reduced VAT on edible oil.

The first order waives 15 percent value added tax or VAT applicable at the production and trading stage of refined and unrefined soybean or palm oil.

In the second order, the VAT applicable on import of refined and unrefined soybeans or palm oil has been reduced from 15 percent to 10 percent.