Withdraw VAT on import of edible oil: FBCCI
The Federation of Bangladesh Chambers of Commerce and Industry (FBCCI) today urged the government to withdraw the VAT on import of edible oil to bring back normalcy in the skyrocketing prices of the cooking oil in the country.
The FBCCI also suggested the government introduce bond on import of edible oil so that the unscrupulous businessmen cannot manipulate the prices of the widely consumed cooking ingredient.
The apex trade body made the call in a discussion with the importers, millers, refiners, wholesalers and the leaders of different trade bodies to discuss issues related to the increasing prices of edible oil.
The FBCCI organised the discussion at its Dhaka office.
A section of dishonest businessmen have been selling the edible oil at higher prices in the markets violating the government fixed prices ahead of the Ramadan, the FBCCI leaders said.
To make profit, they were cutting the sealed five-litre containers and selling edible oil in loose form, as it was possible to manipulate the prices of bottled edible oil, which remain printed on the bottles.
In the event, FBCCI President Md Jashim Uddin urged the government for VAT withdrawal and also suggested the dishonest businessmen not to make hefty profit and put pressure on the general mass.
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