Bangladesh : Import duty, regulatory duty reduced to boost supply of rice in market
The government has reduced the import duty and regulatory duty on rice imports and withdrawn the advance tax to make rice more affordable for the public. The National Board of Revenue (NBR) announced that the import duty will decrease from 25% to 15%, the regulatory duty from 25% to 5%, and the advance tax has been eliminated. This decision is expected to enhance rice supply and ensure food security, resulting in a reduction of approximately Taka 14.40 per kg of rice.
The government has reduced import duty and regulatory duty on the import of rice alongside withdrawing advance tax to keep the price of rice within the purchasing power of common people and thus keep it at a tolerable level.
The National Board of Revenue (NBR) issued a gazette notification in this regard. The move is expected to boost the supply of rice in the market and also to ensure food security for the common people.
Under the fresh decision, the import duty on rice has been reduced to 15 percent from the existing 25 percent, the regulatory duty to 5 percent from the existing 25 percent, and withdrew the existing 5 percent advance tax.
The NBR said that with such a move, the price of per kg rice will reduce by Taka 14.40.
Source Link : https://www.daily-sun.com/post/773135
