NBR Cuts Advance Tax on Import of Edible Oil

The National Board of Revenue (NBR) has withdrawn advance tax from imported unrefined soybean and palm oil.

The government decided to exempt a 4 percent advance tax in a bid to keep prices of the essential commodity affordable to the consumers ahead of the holy month of Ramadan.

The VAT policy wing of NBR issued a Statutory Regulatory Order (SRO) on Sunday in this regard.

Refiners have also been demanding withdrawal of AT to reign the price hike as well as to avoid complexities in obtaining a refund.