On October 17, 2024, to keep oil prices within the purchasing power of the general public, a 15 percent tax exemption was allowed at the local production level, while a 5 percent VAT was imposed at the local business level on the supply of refined and unrefined soybean and palm oil.
As a result of this exemption, only a 5 percent VAT is currently applicable at the import level.
The NBR says that the removal of the said VAT will help maintain edible oil prices at a manageable level in the market, ensuring that consumers do not face increased costs.
This exemption on edible oil will remain effective till December 15, 2024.
