Bangladesh: National Board of Revenue reduces regulatory duty on sugar imports by 50 percent
The National Board of Revenue (NBR) of Bangladesh has reduced the regulatory duty on refined and raw sugar imports by 50%, from 30% to 15%, in an effort to stabilize local market prices. This move is expected to lower the import cost of raw sugar by Tk 11.18 per kg and refined sugar by Tk 14.26 per kg. The reduction aims to make sugar more affordable for consumers and to encourage legal imports while reducing sugar smuggling due to rising global prices and domestic challenges.
On Wednesday, the National Board of Revenue (NBR) announced a 50 percent reduction in the regulatory duty on both refined and raw sugar imports to help stabilize local market prices. The duty has been decreased from 30 percent to 15 percent, effective immediately.
The NBR stated that this action aims to make sugar prices more affordable for consumers.
It highlighted that various global and domestic factors have led to a recent increase in the prices of essential goods, including sugar. The ongoing global conflicts, political instability, and significant devaluation of the Bangladeshi currency have all contributed to rising costs. The NBR noted that items such as baby food are becoming increasingly unaffordable for many people.
According to a statement from the NBR, this reduction will lower the import cost of raw sugar by Tk 11.18 per kilogram and the cost of refined sugar by Tk 14.26 per kilogram.
The NBR anticipates that the price of sugar will decrease correspondingly at the consumer level. It also hopes that the reduction in customs duty will deter sugar smuggling through illegal channels and encourage legal imports.
Source Link : https://www.chinimandi.com/bangladesh-national-board-of-revenue-reduces-regulatory-duty-on-sugar-imports-by-50-percent/
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