Bangladesh : NBR imposes 20pc RD on rice bran oil exports
Bangladesh’s National Board of Revenue has imposed a 20% regulatory duty on rice bran oil exports, replacing a previous 25% duty that expired in July. The move, urged by the Bangladesh Rice Bran Oil Mills Association, aims to secure local supply. The duty applies to both crude and refined oil, amid rising domestic demand.
The National Board of Revenue imposed a 20 per cent regulatory duty on the export of rice bran oil from Bangladesh.
Meanwhile, a similar 25 per cent duty had been in place earlier but expired in July of this year.
For the past several months, leaders of the Bangladesh Rice Bran Oil Mills Association had been urging the government to reimpose the duty to ensure sufficient local supply.
According to the NBR notification, the duty applies under the Customs Act 2023 and covers both refined and crude rice bran oil.
Rice bran oil production has grown steadily over the past decade, with consumption also rising among local consumers.
Since then, several major companies have entered the business.
Bangladesh’s annual demand for edible oil is about 25-30 lakh tonnes, about 90 per cent of which is met by importing crude soybean and palm oil for local refining.
According to the association, there are 18 rice bran oil mills in the country.
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Source : New Age
