Commerce Minister Tipu Munshi said that the decision was made to reduce VAT on the production, import, and consumption of edible oil. At present, VAT on edible oil imports is at 15%, which will be reduced by 10% to 5%, he said.
He was speaking at a press conference on the occasion of World Consumer Rights Day in the conference room of the Commerce Ministry on Monday (14 March). Senior Secretary of the Ministry of Commerce Tapan Kanti Ghosh and Director General of the Directorate of National Consumer Rights Protection AHM Safiquzzaman were present on the occasion.
The Commerce Minister said that the Prime Minister has directed to reduce VAT from 15% to 5% by reducing it by 10% at the import stage of oil. A notification in this regard will be issued in the next couple of days. He also said that 15% VAT will be waived at the stage of edible oil production and 5% at the consumer level.
Tipu Munshi said that the government will maintain the supply of edible oil and other daily necessities. The government will be strict about this. The DO (unofficial) system will be changed to break the supply barrier of edible oil. In that case, it will be mandatory for the owners to take the supply of goods within a certain period of time and they will also be forced to deliver it.
‘There is no shortage of goods during Ramadan,’ he said. ‘We have enough in our stocks. With that, the month of Ramadan will pass. We are trying to keep the former prices until Ramadan.’ However, he warned that strict action will be taken against anyone who stockpiles goods illegally.
Asking the people not to stockpile oil during the month of Ramadan, the Commerce Minister said, ‘If everyone starts hoarding oil at home on the occasion of Ramadan, there will be a shortage in the market. Buy as much as you need to buy. If you buy 10 litres instead of five litres, I can’t stop you. I only request you not to buy more for the month of Ramadan.’
