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Iran Reduces VAT on Imports of Oilseeds and Vegetable Oil

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Iran decided to reduce the amount of value-added tax (VAT) on the import of oilseeds and vegetable oils – from 9% to 1%.”

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According to the Fars news agency, the new measure applies to soybeans, rapeseed, safflower, palm oil, unrefined soybean oil, sunflower oil and rapeseed oil.

“Global markets have been hit hard in the last few months since the conflict in Ukraine. As a result, a sharp increase in prices for vegetable oil was recorded. The government decided to reduce import tariffs to make the product more accessible to consumers,” says Ali Qasemi, an adviser to the Minister of Agriculture.

The latest data published by the National Statistical Center show that retail prices for vegetable oil in Iran from November 22 to December 21 increased by almost 291% compared to the same period of the previous year.

“This is the highest price increase year-on-year among 53 food products,” the report said.

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