The National Board of Revenue (NBR) has extended the value-added tax (VAT) exemption facility on soybean and palm oil at the production and trade level till April 30.
Additionally, the NBR has also extended the 5 per cent VAT reduction till the same date, read a gazette notification issued by the Internal Resources Division on Monday.
The decision came after the commerce ministry was issued a letter to the NBR regarding the VAT cut on edible oil till June 30, taking into consideration the high exchange rate of the USD, ongoing economic headwinds, and soaring inflation.
As a result of the extension, consumers may enjoy buying soybean and palm oil at current or cheaper prices.
