Finmin suspends duty on soyabean oil for a year

Finmin suspends duty on soyabean oil for a year

HARARE, August 4 (The Source) – Minister of Finance has suspended duty on hydrogenated soya bean oil for a year with effect from July 1, 2017, according to the government gazette.

Hydrogenated soya bean oil is used to produce margarine, cooking oil, salads.

So far, Olivine Industries  is the only approved hydrogenated soya bean oil importer to benefit from suspension of duty, but is limited to import 240 metric tonnes per month.

According to Statutory Instrument 90 of 2017, companies which have a valid tax clearance certificate and proof of registration in terms of Revenue Authority Act (chapter 23:11) will be will be allowed to import oil free of duty.

The production of soya bean for 2016/17 season is expected to be around 20,000 tonnes against 220,000 tonnes country’s demand.

Last year, crude soya bean oil worth $120 million was imported.