The price of powder milk may decrease in the proposed national budget for the 2024-25 fiscal year.
Local packers are enjoying unreasonable amount of protection as the difference in total duty on import of milk powder in packs up to 2.5kg and import in bulk form is very high.
As part of tariff rationalization, 20% supplementary duty on the import of packaged milk powder has been withdrawn on packed powdered milk up to 2.5kg.
However, the difference in the total tax burden of the domestic industry with respect to imports will still be 21% which will not cause any hindrance to the protection of the domestic repacking industry.
Finance Minister Abul Hassan Mahmood Ali presented the proposed budget for the 2024-2025 fiscal year amounting to Tk797,000 crore (Tk7.97 trillion) in parliament on Thursday.
This was his first budget unveiling and the first budget after the reelection of the Awami League government in January.
