ISLAMABAD: Pakistan Vanaspati Manufactures Association (PVMA) and importers have assured the government that they will pass on the impact of tax/duties relief to the public in letter and spirit.
This assurance has been given at a meeting with the representatives of federal government on Saturday who have been tasked to get assurance from PVMA that impact of tax relief to be passed on to the public.
The PVMA has also assured that it will keep a close watch on prices charged to the consumers and will report any non-compliance or malpractice by any member or other person to the government.
Minister for Planning, Development and Special Initiatives, Asad Umar announced a few days ago that the government would slash duties and taxes at import stage and local level to bring down the prices of edible oil/ ghee, but the decision has not yet materialized.
Recently, the federal Cabinet was informed that an MoU has been finalised with the PVMA for reduction in prices of edible oil/ ghee after some of the Cabinet members highlighted the issue of rising prices of edible oil and ghee.
During discussion it was enquired as to why the duties/taxes on edible oil were not reduced in spite of the announcement.
The Cabinet was informed that international price of edible oil had been going up continuously, generating pressure on the local price of cooking oil. The finalised MoU had been finalized and the matter would now be submitted to ECC.
The sources said, both the government and PVMA have also agreed that the Association will support any action against those Ghee manufacturers engaged in malpractice or violation of the agreed MoU.
Copyright Business Recorder, 2021
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