BTTC recommended government reduce import duties on sunflower and canola oil: Bangladesh

04-Dec-2024 10:10 AM

The Bangladesh Trade and Tariff Commission (BTTC) has recommended the government reduce import duties on sunflower and canola oil:

-Current import duties:  

  - Crude sunflower oil: 31% 

  - Refined sunflower oil: 32% 

  - Crude canola oil: 37% 

  - Refined canola oil: 58%

- The National Board of Revenue recently reduced VAT on soybean and palm oil from 10% to 5%, effective until December 15.

- Bangladesh's edible oil imports this fiscal year: 7,985 tons of crude sunflower oil and 5,093 tons of refined sunflower oil, a significant increase from the previous year.

- Bangladesh's annual demand for refined oil is 2.3 million tons, with 90% met through imports.

- While India has increased import duties on edible oils, Bangladesh is reducing them, which could lead to processed oils from Bangladesh entering the Indian market.