The government has decided to reduce duty and value-added tax (VAT) on the import of rice, edible oil, sugar and dates to stabilise the market ahead of the holy month of Ramadan.
The National Board of Revenue (NBR) issued a notification in this regard on Wednesday which was published on Thursday.
At present, about 63% of tax including duty and VAT has to be paid on the import of rice. The new order has brought down the Total Tax Incidence (TTI) to 15%.
Besides, the VAT on oil import has been reduced from 15% to 10% and the VAT has been withdrawn at the production and retail stage.
On the other hand, import tax on date palm has been reduced to 43%, which was about 59% before.
The duty on sugar import was $1500 per metric tonne till now, it has been reduced to $1000.
NBR Chairman Abu Hena Md Rahmatul Muneem signed four separate orders in this regard on Thursday.
Earlier in the cabinet meeting held at the Prime Minister's office on January 29, Prime Minister Sheikh Hasina ordered reducing the duty on edible oil, sugar, dates and rice on the occasion of Ramadan. Later, Cabinet Secretary Md Mahbub Hossain in a press conference disclosed the decisions taken in the meeting.
Ahead of the Holy month of Ramadan, the premier gave
directives to the National Board of Revenue (NBR) to reduce tariff on the four essentials commodities, he said adding now the NBR will decide how much tariff will be reduced.
The decision was taken as a section of unscrupulous people, mainly businessmen and traders, are used to hike prices of different essential commodities centring the holy Ramadan causing sufferings to mass people.
