By Ali Imran
ISLAMABAD: The Federal Minister for Finance and Revenue, Shaukat Tarin here on Friday approved tax relief of 10 percent on import of edible oil for the month of April and May to deal with the expected shortfall of the commodity during the month of Ramzan due to hike in prices.
The finance minister was presiding over a meeting on edible oil, according to press statement issued by the finance ministry.
Among others, the meeting was attended by Federal Minister for Industries & Production, Makhdoom Khusro Bakhtiar; Secretary Industries & Production, Chairman Federal Board of Revenue (FBR) and other senior officials.
The tax relief measure on import of edible oil was being undertaken for short term to ensure smooth supply of edible oil to consumers as 90 percent of nation’s annual demand for ghee/cooking oil was dependent on imported inputs.
The Chair was apprised that monthly average retail prices of RBD palm oil are highly volatile and have in creased almost twice comparing with last year.
Currently, in the month of January, there has been significant increase in its prices approximating Rs1351 per ton.
Meanwhile, Federal Minister for Finance and Revenue, Shaukat Tarin said Friday that sugar production was likely to increase by 2 million tons this year from the output of 7.5 million tons recorded last year.
In a tweet, the federal minister said, as a result, Pakistan was back to sugar surplus country from deficit.
He said, the ex-mill sugar prices are now around Rs 81 per kilogram, substantially lower from last year.
“The sugar production likely to increase by 2 million tones from last year to 7.5 million tones. As a result, Pakistan is back to sugar surplus country from deficit. Ex-mill sugar prices are now around Rs 81/kg substantially lower from last year,” he tweeted.
