10% tax relief on edible oil imports approved

Decision taken to ensure a smooth supply of edible oil to consumers

ISLAMABAD:

The government on Friday approved tax relief of 10 per cent on the import of edible oil for April and May to deal with the expected shortfall of the commodity during Ramazan due to hike in prices.

The decision was taken during a meeting on edible oil chaired by Federal Minister for Finance and Revenue Shaukat Tarin, according to a statement issued by the finance ministry.

The tax relief measure on the import of edible oil was being undertaken for the short term to ensure a smooth supply of edible oil to consumers as 90 per cent of the nation’s annual demand for ghee/cooking oil was dependent on imported inputs.

The chair was apprised that monthly average retail prices of RBD palm oil are highly volatile and have increased almost twice compared with last year.

Currently, in the month of January, there has been a significant increase in its prices approximating Rs1351 per ton.

Separately, in a tweet, the federal minister said that sugar production was likely to increase by two million tons this year from the output of 7.5 million tons recorded last year

Tarin noted that as a result of the development, Pakistan was back to a sugar surplus country from a deficit.

“Ex-mill sugar prices are now around Rs81 per kilogram, substantially lower from last year,” he added.

“The sugar production likely to increase by two million tons from last year to 7.5 million tons. As a result, Pakistan is back to a sugar surplus country from a deficit. Ex-mill sugar prices are now around Rs81/kg, substantially lower from last year,” he added.