The Revenue Authority has reduced rice import duties until October 30 this year to facilitate private purchases from international sources and to reduce the prices of basic foodstuffs in the domestic market.
Total import duty and tax were reduced to 25.75% from 62.5%, according to yesterday’s announcement by the National Revenue Council (NBR).
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Entities wishing to import the commodity must obtain prior approval from a joint secretary who has been rated as an employee of the Ministry of Food for each shipment.
Last month, the food ministry recommended in the revenue authority to reduce tariffs.
The ministry urged the NBR to reduce the import duty to allow private companies to buy 10,000 tonnes of grain from abroad and increase supply in the local market.
The goal is to stabilize prices as they are well above international prices.
In July, the average price of coarse grain Boro was 44 Tk per kilogram (kg), which would be 38% higher than the price of cereals imported from India.
The price increased by 4% in July from 42 Tk per kilo in June, according to data from the Department of Agricultural Marketing.