NBR removes import, regulatory duties to stabilise rice supply
The decision expected to lower rice prices by Tk9.60 per kg
The National Board of Revenue has removed all import and regulatory duties on rice to ensure food security and control prices for the general population.
The revenue board issued a statutory regulatory order (SRO) on Thursday in this regard.
According to a NBR press release issued today (1 November), the existing 15% import tax and 5% regulatory tax on rice will be fully waived, effectively reducing the overall import tax on rice from 25% to 2%.
The decision is expected to lower rice prices by at least Tk9.60 per kilogram.
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On 20 October, the NBR reduced import tax by a substantial rate from 62.5% to 25%. However, even then the import was not increasing.
Two days ago, the Bangladesh Trade and Tariff Commission requested the revenue board to waive import tax following which the NBR issued the order.
"This waiver on import and regulatory taxes will help stabilise rice prices and make it more accessible to average consumers," reads the press release.
The NBR anticipates this move will improve rice supply and keep prices affordable for the foreseeable future, ensuring that consumers have access to essential food staples.
