The Federation of Bangladesh Chambers of Commerce and Industry (FBCCI) has demanded the withdrawal of value-added tax (VAT) levied on imported edible oil for the next three months.
"The VAT on imported edible oil should be withdrawn for at least the next three months to maintain an uninterrupted market supply in the face of increasing price in the global market," FBCCI President Md Jasim Uddin made the call on Monday at a view exchange meeting at the newly-renovated FBCCI Icon 60 Motijheel in the capital.
"We have to abide by the fixed price of edible oil," he said, urging traders not to stockpile and raise prices in the local market.
"The price hike in the world market today will reach the country after two or three months," he exclaimed adding that the increased price, therefore, should not affect the market now.
"It is unacceptable if the price of unpackaged edible oil in the market is more than the packaged and bottled oil. We will not favour those who opt for unjust paths," Jasim Uddin added.
Meanwhile, he called on the traders and mill owners to maintain regular oil supply in the market.
He said, "There shouldn't be any problem with the oil supply in the local market as we have enough oil stored to cover the demand till Ramadan. Thus, mill owners must work to maintain the regular supply."
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