Home Business and Technology President Edgar Lungu act to reduce cooking oil prices

President Edgar Lungu act to reduce cooking oil prices

cooking oil

President Edgar Lungu has suspended VAT on edible oils for four months in a move expected to contain escalating cooking oil prices in the country. The suspension of the 16 percent tax is expected to rein in the runaway price of cooking oil blamed on lack of adequate raw edible oils locally.

“…the customs and excise (suspension) (edible oils) regulations, 2021 in exercise of the powers contained in section 89 of the customs and excise act, the following Regulations are made; these regulations may be cited as the customs and excise (suspension) (edible oils) Regulations, 2021,” according to the SI on Suspension of customs duty signed by President Lungu on May 31, 2021.

“These Regulations shall stand revoked on 31st October, 2021. The customs duty on edible oils shall be suspended to the extent shown in the schedule.”

The country has in the last few months seen an escalation in the oil prices, affecting the majority of ordinary citizens.

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