The government has reduced custom prices on refined palm oil for industrial purposes to 10 percent.
After the new budget policy, the industry pays only 10 percent customs while importing palm oil (raw material) and when the industry imports ready-made oil. Earlier, the tariff was 15 percent on palm oil and 10 percent on crude oil.
Following the new budget policy, the customs taxes on vegetable ghee, oil, and raw materials are still 10 percent. The government's policy will help reduce the production cost of biscuits, noodles, and other industries.
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