Imported garments, fish may be cheaper

Imported garments and fish may be cheaper in the next fiscal year as the finance minister, as part of tariff rationalisation, has proposed exempting 191 types of apparel and 234 types of fish products from the current regulatory and supplementary duties in the new budget.

According to officials at the National Bank of Revenue (NBR), it will not significantly import the government's revenue as these sectors do not generate duty earnings.

Currently, there is a 3% regulatory duty on apparel imports, and a 20% supplementary duty on fish imports in most cases.

In his budget speech on Thursday, Finance Minister AHM Mustafa Kamal said, "With a view to materialising 'Made in Bangladesh', tax exemptions and tax concessions, albeit rationally applied, should be continued, and the existing tariff rates at the import level should be gradually reduced to meet the challenges of graduation from the least developed country category."

There have been ongoing discussions for a considerable period of time regarding the challenges Bangladesh may face after its graduation from least developed country status in 2026.

One of the main concerns is the feasibility of maintaining the current high level of import taxes. As part of this, various stakeholders have put forth suggestions to reduce customs duties on imports.

According to NBR sources, this initiative has been included in the budget for the upcoming fiscal year as part of coping with the post-LDC challenges.