NBR reduces import tariff on rice, sugar and dates to contain price spiral

The National Board of Revenue (NBR) has lifted customs tariff and reduced regulatory duty on rice, sugar and dates and lifted value added tax on edible oil to boost supply and contain prices of the essentials during the month of Ramadan, beginning in March.

The 25 percent customs duty for rice import has been removed and regulatory duty slashed to 5 percent from 25 percent, according to a notification published by the revenue authority today.

In a separate notice, the NBR lifted VAT on edible oil. 

It reduced the specific duty for import of raw sugar to Tk 1,000 per tonne from Tk 1,500 earlier.

The revenue authority also cut import duty for dates, mostly consumed during the fasting month of Ramadan, to 15 percent from 25 percent.

The new rates have already become effective.