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Suspension of Customs Duty and Zero Rating of Value Added Tax on Edible Oils to reduce price of cooking oil

Summary

Government suspends import duties and Value Added Tax (VAT) on imported crude oil which is the main material in the manufacture of local cooking oil.

Updated on : 13-07-2021


Suspension of Customs Duty and Zero Rating of Value Added Tax on Edible Oils to reduce price of cooking oil

The National Traders of Edible Oils Association and the Crushers and Edible Oil Refiners Association (CEDORA) disclosed that the government’s decision to allow the importation of 9000 metric tonnes of crude edible oil will see a reduction in prices on the local market by 20 percent.

This follows the suspension of all import duties and value-added tax on imported crude oil which is the main raw material in the manufacturing of local cooking oil.

Speaking during a joint press briefing in Lusaka, National Traders of Edible Oils Association, National President, Silvester Kaluwe said the development will promote competition among importers as it will allow association-approved importers to source the edible oil that meets the international standards from any country of choice.

CEDORA Chairman Aubrey Chibumba added that despite the measures taken by the government to cushion the prices of cooking oil, the reduction is subject to global trends and the stability of the exchange rate. Source 

The issuance of Statutory Instruments (SIs) Number 63 and 64 of 2021 Customs and Excise Act on importation of edible oils provide for the aforementioned suspension effective from 1st June, 2021 and valid till 31st October, 2021. All necessary import requirements must be obtained from the Ministry of Agriculture before importation. Stakeholders are also advised that an Additional Procedure Code (APC) 498 has been created on ASYCUDAWorld to waive duties and taxes.


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