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Tuesday, September 21, 2021

July 27, 1981, Forty Years Ago: More taxes on oil

The government has made import of edible oil on private trade account almost uneconomical by steeply raising the customs levy on it.

By: Editorial |
July 27, 2021 3:30:37 am
The latest ordnance amends the First Schedule to Customs Tariff Act 1975 relating to the levy of basic customs duty on edible oils.

The government has made import of edible oil on private trade account almost uneconomical by steeply raising the customs levy on it. The measure, taken through an ordnance promulgated by the president on July 26, fixes the rate of duty at 150 per cent ad valorem. Only last week, the government, through a notification, had increased the import duty on edible oil imported on private trade account from 12.5 per cent to 42.5 per cent. The latest ordnance amends the First Schedule to Customs Tariff Act 1975 relating to the levy of basic customs duty on edible oils. Concessional duties applied as a result of international agreements will, however, continue.

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