The proposed national budget for the 2025–26 fiscal year includes measures that could lower the prices of several essential commodities, including sugar, soybean oil, rice paddy, wheat, potatoes, and onions.
Finance Adviser Dr Salehuddin Ahmed presented the proposed budget for the 2025-2026 fiscal year, amounting to Tk7,89,999 crore, in a televised speech on Monday.
During the budget speech, he announced that the tax at source on letters of credit (LCs) for essential goods would be reduced from 1% to 0.5%.
The adviser said: “Source tax on the import of essential commodities does not significantly affect revenue collection or the final price of goods. Yet, a section of traders use it as a pretext to raise prices.”
He added: “Considering this, a decision has been made in the upcoming budget to reduce the source tax. To help keep essential commodity prices affordable, the source tax on local letters of credit commission is being halved. Currently, it stands at 1%, which has now been reduced to 0.5%.”
As a result, the prices of several items are expected to decline: paddy, wheat, potatoes, onions, garlic, peas, chickpeas, lentils, ginger, turmeric, dried chillies, pulses, maize, coarse flour, flour, salt, sugar, edible oils, black pepper, cinnamon, nuts, cloves, dates, cassia leaves, computers and computer parts, and all varieties of fruits. This is expected to offer relief to consumers.
