Traders propose waiving duties on soybean, palm oil imports

Edible oil traders on Tuesday proposed waiving the existing 5% import duty on soybean and palm oil and removing all value-added taxes (VAT) imposed on producers and traders.

These recommendations were made during a meeting held at the Ministry of Commerce chaired by Finance Adviser Dr. Saleh Uddin Ahmed and attended by key representatives of the edible oil industry.

The last price adjustment for soybean and palm oil took place on April 18, 2024. In recent months, the global market has witnessed a consistent rise in prices for these oils. The price of crude soybean oil increased by 14.8%, while refined, bleached, and deodorized (RBD) palm oil surged by 18.68%, according to Commerce Ministry.

According to the Bangladesh Vegetable Oil Refiners Association, this waiver would prevent further price increases and maintain current prices.

Earlier, the association had submitted a request to the Ministry of Commerce for price adjustments. The ministry has decided to forward the proposal to the National Board of Revenue (NBR), which will determine the next steps.

Commerce Secretary Mohammad Selim Uddin, NBR Chairman Md. Abdur Rahman, Chairman of the Bangladesh Trade and Tariff Commission Dr. Moinul Khan, and  leaders from the edible oil industry attended.