• Tuesday, Oct 19, 2021
  • Last Update : 06:27 am

Govt cuts import tariff for onion

  • Published at 06:13 pm October 14th, 2021
Onion

Rajib Dhar/Dhaka Tribune

The regulatory duty on sugar was also reduced to 20% from the existing 30%

The government has removed the 5% customs duty on the import of onion in a bid to increase the supply of the spice in the local market. However, the 5% regulatory duty is still in place.

It also reduced the regulatory duty on sugar to 20% from the existing 30%.

The Internal Resources Division (IRD), under the Ministry of Finance, issued two separate gazette notifications in this regard on Thursday. 

Spokesperson of the National Board of Revenue (NBR) Sayed A Momen told Dhaka Tribune: “Commerce Ministry requested NBR to remove duty for some products. The decision has been made based on their request.”

The new import tariff will be effective immediately from Thursday. The customs duty for onion will remain suspended till December 31 this year.

“The new regulatory duty for sugar will remain in place till February 28 next year,” Momen added.

The price of onion has almost doubled within a month in local markets. 

According to Trading Corporation of Bangladesh (TCB) data, local onion is currently being sold at Tk60-70 per kg, up from Tk42-45 a month ago.

Moreover, imported onion is being sold at Tk56-60 kg, which cost Tk38-40 a month ago.

Meanwhile, the price of sugar has witnessed a 4% increase in a month. TCB data shows that the price of each kg of sugar is currently Tk79-80, which was Tk75-78 a month ago.

Earlier on Monday, the Commerce Ministry sent a letter to the NBR to remove the import duty on onion.

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