ISLAMABAD: The business community has urged the government to consider reducing taxes and duties on import of edible oil to promote this sector
The demand was raised by Businessmen Panel and Pakistan Business Group Alliance of FPCCI Chairman Mian Zahid Hussain, FPCCI Presidential Candidate Abdul Rahim Janoo, FPCCI Candidate for SVP Mian Anjum Nisar and Chief Convener Election Cell Syed Abdul Waheed Shah.
The import duty, sales tax and other government revenues are highest in Pakistan compared to neighbouring countries, therefore problems of edible oil sector should be recognised and resolved on a fast track basis, they said.
They said that Pakistan imports around 2.1 million tonnes of palm oil products worth $1.8 billion from Indonesia and Malaysia to fulfil domestic consumption of around 3.2 million tonnes of ghee and cooking oil annually. Reduction in the taxes will encourage vanaspati manufacturers to invest in oilseed production with an aim to achieve self-sufficiency and even exports in the longer run, they added.
