The National Board of Revenue (NBR) has announced VAT exemptions on several essential goods including oil, lentils, flour, and others, effective until June 30, 2025.
On March 3, the NBR issued a notification stating that VAT will be waived on production-stage items like rapeseed oil, canola oil, and mustard oil until June 30, 2025. However, no time limit has been set for mustard oil. Additionally, VAT has been waived for products such as biscuits, salt, flour, semolina, various spices, and lentils, among others.
This exemption also extends to LP gas and natural gas for businesses, but only if the businesses comply with VAT regulations including registration, issuance of invoices, maintaining records, and submitting monthly returns.
Liberty News’ economic correspondent states that this move follows a January decision by NBR to impose VAT and duties on over 100 products, which later faced public criticism leading to the recent VAT reductions and exemptions on various items.
LND/BG
