The Bangladesh government has reduced the VAT on soybean and palm oil imports from 15% to 10% to alleviate rising food prices.
This decision, made by the National Board of Revenue (NBR), aims to encourage imports and stabilize domestic market prices amid ongoing inflationary pressures. The VAT reduction is part of broader efforts to make essential food items more affordable for consumers, as approximately 90% of the country's edible oil demand is met through imports. This measure will remain in effect until December 15, 2024, reflecting the government's commitment to addressing food security challenges.
Citations:
[1] https://www.thedailystar.net/business/news/govt-makes-major-moves-cut-prices-edible-oil-sugar-egg-3730351
[2] https://russia-islworld.ru/en/temy/russian-wheat-exports-to-bangladesh-surge-2-5-times-in-2023-2024-2024-08-12-43399/
[3] https://news.mongabay.com/2024/02/climate-change-extreme-weather-conflict-exacerbate-global-food-crisis/
[4] https://www.agflow.com/agricultural-markets-news/egypt-tempts-to-kazakh-wheat-amid-low-price-options-from-eu/
[5] https://en.bd-pratidin.com/economy/2024/10/19/20906
[6] https://www.tbsnews.net/bangladesh/russia-exported-record-38-million-tonnes-wheat-bangladesh-last-fiscal-year-envoy-970551
[7] https://www.fastmarkets.com/insights/russia-posts-record-wheat-exports-for-2023-24/
[8] https://www.voaafrica.com/a/egypt-moves-to-purchasing-wheat-from-kazakhstan-/7282586.html