Bangladesh cuts import duties on rice, sugar, edible oil ahead of Ramadan

The move aims to stabilise the commodity market before the month of fasting

Published : 8 Feb 2024, 11:50 AM
Updated : 8 Feb 2024, 11:50 AM

The National Board of Revenue (NBR) has decided to reduce import duties on rice, sugar, cooking oil, and dates in an effort to keep commodity prices in check ahead of Ramadan.

On Thursday, the NBR also announced a VAT exemption for locally produced edible oil, while lowering VAT on the import of both refined and unrefined soybean and palm oil from 15 percent to 10 percent. The adjustments will be effective until Apr 15.

The import duty on parboiled rice has also been withdrawn, while the regulatory duty has dropped from 25 percent to 5 percent.

The benefit will be available to rice importers until May 15. Importers must secure written approval from a joint secretary-level officer designated by the food ministry for each import consignment.

For dates, the import duty has been cut from 25 percent to 15 percent, and the reduction will be valid until Mar 30.

The duty on imported raw sugar has also been reduced from Tk 1,500 to Tk 1,000 per tonne, and for refined sugar, from Tk 3,000 to Tk 2,000 per tonne. The concession will be available until Mar 31.