The federal government has approved tax relief of 10 per cent on import of edible oil for April and May 2022, this was decided in a meeting held under Federal Minister for Finance and Revenue Shaukat Tarin on Friday.
The finance minister was apprised that monthly average retail prices of RBD palm oil are highly volatile and have increased almost twice compared with last year.Â
In order to deal with the expected shortfall in the month of Ramzan due to a hike in prices, the finance minister approved tax relief of 10 per cent on import of edible oil for April and May 2022.
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 per cent of the nation’s annual demand for ghee/cooking oil is dependent on imported inputs.
