Edible oil industry advocates tax reform

Edible oil manufacturers have called for reducing the duty on Crude Palm Oil (CPO), abolishing section 8B of the Sales Tax Act, and enhancing taxes on commercial importers. The aim is to encourage farmers and others to boost industrial growth in the country. They reported that over 3.2 million metric tonnes of palm oil are imported into the country. The edible oil sector sources raw materials from domestic and global sources, manufacturing 4.5 million metric tonnes of standardised and high-quality Banaspati and cooking oil to meet the national demand. While speaking to The Express Tribune, they noted that the edible oil sector’s annual turnover exceeds Rs2,400 billion per annum. Manufacturers contribute up to Rs550 billion directly or indirectly to the national exchequer in terms of duties, taxes, and other levies.