The government has decided to cut tariffs further to curb the high price of edible oil, Trade Minister Tipu Munshi said today.
“A decision has been taken to reduce VAT at the import level as well. Currently, the VAT on imports of edible oils is 15%, which can be reduced from 10% to 5%,” the minister said. of Commerce at a press conference regarding the celebration of World Consumer Rights Day, Monday 14 March.
He said the Prime Minister made the decision. A notification in this regard will be published in a day or two.
On Thursday, March 10, Finance Minister AHM Mustafa Kamal announced that 15% Value Added Tax (VAT) on edible oil production and 5% at consumer level would be waived.
Tipu Munshi further said that the government will be strict in maintaining the supply of edible oil and other essentials. Changes will be made to the DO system to break the edible oil supply barrier. Dore owners will be required to take delivery of the product within a specified time and make the next delivery.
Consumer Rights Day 2022 will be celebrated tomorrow in the country. On the occasion of this day, the National Directorate of Consumer Protection undertook various actions.
He was informed during the press conference that from the fiscal year 2009-10 to the month of February of the year 2020-21, the consumer department carried out 49,968 searches. A total of 1 lakh 20 thousand 102 organizations were penalized in these raids. The amount of fines collected during the raids is 82 crore 45 lakh 67 thousand 42 taka.
Principal Secretary of Ministry of Commerce Tapan Kanti Ghosh and Additional Secretary of Domestic Commerce AHM Shafiquzzaman were present at the press conference.
