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Friday, July 12, 2019

PVMA demands to abolish additional duties and tax on imported edible oil

PVMA demands to abolish additional duties and tax on imported edible oil


Karachi: Pakistan Vanaspati Manufacturers Association demanded to abolish additional 5pc custom duty and 3 pc Value Added Tax on imported edible oils, immediately.

Office bearers of the association demanded this during a meeting with Traders of edible oils and Vanaspati Ghee. It was noted that Pakistan is the third largest importer of edible oils in the world which costs more than 2.5 billion annually and also imports oil seeds valued 1.5bn yearly. They said that despite frequent announcement from the government and reminders from the industry government didn’t take back the decision which would add 15 to 20 rupee per Kg in the production cost.

Leaders of PVMA said that more than 70 pc of people consumes vanaspati ghee and imported palm oil and palmolein is the basic ingredient of this commodity. “To promote production of oil seeds locally, 25 pc additional duty should be imposed on imported oil seeds, it would be the first step to make country self-sufficient in edible oil production” PVMA urged.

It was also said that due to ambiguities in news tax initiatives clearance of raw material was pending and causing loss to national exchequer. PVMA said that this is also causing delay in production and shortage of ghee and edible oil is well anticipated. The association demanded that for the promotion of Vanaspati and edible oil industry government should reduce taxes and duties on the sector, which is already facing heavy burden of taxes and duties.





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