FBCCI Called for Vat withdrawn on Soybean Oil
The FBCCI President Mr. Md. Jashim Uddin urged the government to exempt the existing 5 per cent VAT on soybean oil at import level to control its prices in the local market.
The FBCCI Chief made the call on May 11, 2022 Wednesday at a view exchange meeting with edible oil importers, stockers, and suppliers at FBCCI office in the capital. At the same time, he recommended that the importation of commercially refined bottled and unopened soybean oil be made open till the next Eid-Ul-Adha and the imposition of tariffs and taxes on imports of all types of edible oils including sunflower and canola be considered.
Besides, The FBCCI president said soybean oil prices in the world market are fluctuating every day, Therefore, the country needs to adjust the price in every 15 days.
Mr. Jashim Uddin directed all oil traders to do business properly instead of stocking up. “The authorities concerned should not also cause any hassle to the traders in the name of conducting drive,” he added.
Jashim also called upon Bangladesh Dokan Malik Samity and other business leaders to observe the market so that no one can go overboard in stocking up.
“The government should also give a guideline that how many days and how much amount of oil can be kept in stock,” he added.
The business leader also urged the government to frame a policy determining how much edible oil dealers, wholesalers, and retailers could stock legally.
They also suggested the government import at least 20% of oil by the Trading Corporation of Bangladesh on a regular basis and under a large consignment under the government-to-government deal for now.
Meanwhile, millers were hopeful that Indonesia would not continue the palm oil export ban. “However, we may continue to see the supply crunch in the future. If the government imports 4-5 lakh tonnes of edible oil directly from Malaysia and Indonesia under the G2G model, it would be a relief for us,” said Taslim Shahriar, senior general manager of City Group, one of the leading oil importers.
Among others, FBCCI Senior Vice President Mr. Mostofa Azad Chowdhury Babu, Vice President Mr. M A Momen, Mr. Amin Helaly, Mr. Habib Ullah Dawn, Mr. M. A Razzak Khan Raj and other directors were also present at the meeting.