ISLAMABAD, Mar 25 (APP):Federal Minister for Finance and Revenue ShaukatTarin here on Friday approved tax relief of 10 percent on import of edibleoil for the month of April and May to deal with the expected shortfall ofthe commodity during the month of Ramazan due to hike in prices
The finance minister was presiding over a meeting on edible oil,according to press statement issued by the finance ministry.
Among others, the meeting was attended by Federal Minister forIndustries & Production, Makhdoom Khusro Bakhtiar, SecretaryIndustries & Production, Chairman Federal Board of Revenue (FBR) andother senior officials.
The tax relief measure on import of edible oil was being undertakenfor short term to ensure smooth supply of edible oil to consumers as90 percent of nation�s annual demand for ghee/cooking oil wasdependent on imported inputs.
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The chair was apprised that monthly average retail prices of RBD palmoil are highly volatile and have increased almost twice comparing withlast year.
Currently, in the month of January, there has been significantincrease in its prices approximating Rs1351 per ton.
