The government has approved a tax break of 10% on imported edible oils.

The government has approved a tax break of 10% on imported edible oils.

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To provide relief to citizens during Ramadan, the federal government approved a ten percent tax rebate on edible oil imports on Friday.

According to 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, as well as the Secretary of Industry and Production, Chairman of the Federal Board of Revenue (FBR), and other senior officials, were present at the meeting.

According to the report, the average monthly retail price of RBD palm oil is extremely volatile, with the price nearly doubling this year compared to last year.

The price of palm oil increased significantly in January, reaching $1,351 per tonne, according to the meeting.

To avoid the expected 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 that consumers in the country have easy access to edible oil.

It was stated during the briefing that imports meet 90% of the country’s annual demand for edible oil and vegetable ghee.

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