Duty on rice imports reduced by 37.5%
Those interested in importing rice at the new tariff rate have to apply to the ministry by October 31
The government has reduced the import duty on rice from 62.50% to 25% till October 31 this year.
The National Board of Revenue (NBR) confirmed the matter in a statement on Thursday, reports Bangla Tribune.
According to the statement, imports are subject to 5% advance tax and 5% advance income tax.
All in all, from now on, 25.75% duty will have to be paid on rice import. However, approval from the Ministry of Food is required for import.
Those interested in importing rice at the new tariff rate have to apply to the ministry by October 31. In other words, those who are interested will be able to import rice by paying 25% duty in the next four months.
Due to floods and bad weather in different parts of the country, there is a risk of a major loss in paddy cultivation this year.
In the meantime, steps have been taken to keep the market stable due to increase in paddy prices during the boro season.
Earlier, in a notification in August 2021, the government similarly reduced the import duty on rice.
At that time, the opportunity to import at a lower duty was given until October 31. From November of that year, the duty was again 62.5%.