Govt Approves 10% Tax Relief on Edible Oil Imports for Ramazan

The government has approved tax relief of 10 percent on the import of edible oil for the month of April and May for giving relief to the common man during Ramazan. Federal Minister for Finance and Revenue Shaukat Tarin presided over a meeting on edible oil at the Finance Division on Friday. The chair was apprised that monthly average retail prices of RBD palm oil are highly volatile and have increased significantly compared to last year. To deal with the expected shortfall in the month of Ramazan due to the hike in prices, the minister approved tax relief of 10 percent on the import of edible oil for the month of April and May. The tax relief measure on the import of edible oil is being undertaken for the short term to ensure a smooth supply of edible oil to consumers as 90 percent of the nation’s annual demand for ghee/cooking oil is dependent on imported inputs.