Only a few weeks after bringing down fuel prices by Rs 10 as part of an economic relief package, the federal government is now also trying to bring down the prices of edible oil by reducing taxation on it.
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. 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.
Edible oil consumption in Pakistan has increased significantly over the last few decades: from 0.7 to 4.7 million tonnes between 1981 and 2020.People no longer rely solely on ghee or butter for their cooking needs. As the nation develops, the introduction of cooking oil and it becoming mainstream has helped push remands. Other main demand drivers are rising population, dietary preferences and increase in per capita income.
Why is this important?
Pakistan’s reliance on imports for edible oil and oilseed meals to meet domestic demand consumption has been increasing over the past two decades: 86 percent of domestic edible oil consumption in 2020 came from imports up from 77 percent in 2000. The content in this publication is expensive to produce. But unlike other journalistic outfits, business publications have to cover the very organizations that directly give them advertisements. Hence, this large source of revenue, which is the lifeblood of other media houses, is severely compromised on account of Profit’s no-compromise policy when it comes to our reporting. No wonder, Profit has lost multiple ad deals, worth tens of millions of rupees, due to stories that held big businesses to account. Hence, for our work to continue unfettered, it must be supported by discerning readers who know the value of quality business journalism, not just for the economy but for the society as a whole.To read the full article, subscribe and support independent business journalism in Pakistan
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