fbpx mmnews

FPCCI demands withdrawal of all Taxes and Duties on edible oils

President FPCCI Mian Nasser Hyatt Maggo issued a statement. Source: FILE/ FPCCI.

KARACHI: Federation of Pakistan Chambers of Commerce and Industry (FPCCI), has demanded the withdrawal of all taxes and duties on edible oils.

President FPCCI, Mian Nasser Hyatt Maggo, expressed his concerns over surging food inflation in the country. According to him, edible oil prices are one of the biggest contributors to the skyrocketing food inflation in the country. He added that, this pattern of food inflation is unsustainable for any country of the world and the governments should act decisively to control the inflation in the national interest.

Moreover, FPCCI Chief suggested that, if the government withdraws Custom Duty of Rs. 9,180 per ton, 17% FED, 2% Additional Custom Duty, 5-6% Adjusted Sales Tax after value addition and 2% Income Tax only for 6 months, the edible oil prices will come down by up to 25-30% immediately and there will be considerable downfall on overall food inflation as well.

Read also: Oil prices mount to highest in years as recovery from COVID

On the other hand, giving an example of neighboring countries Nasir Khan, VP FPCCI said, neighboring and regional countries have already started to withdraw sales tax, import and other duties on edible oils to give relief to their people. He further emphasized that the government should move in a timely manner and make decisions swiftly in order to control the hike of the food inflation and rupee-dollar parity, and, protect those segments of the society who are already living below the line of poverty.

Moreover, lamented over the surge in edible oil price Nasir Khan states, “edible oils have already crossed Rs. 390/= mark and will continue to rise even further in given circumstances; if, remained unattended”. “The government is in a position to offer approximately Rs. 75/Kg relief to people immediately on account of taxes and duties”, he added.

Meanwhile, FPCCI president Nasir Hayat has requested Shaukat Tarin, Advisor to Prime Minister on Finance and Revenue, to intervene immediately and sit down with edible oil manufacturers from the platform of the apex representative body of FPCCI to work out a radical, yet, pragmatic plan in accordance with ground realities to bring down the edible oil prices with immediate effect.

Do you want to read authentic news from Pakistan & across the world? So download MM News App Now !