Sunday, 24 October, 2021

Govt cuts duty on rice import

  • Staff Correspondent
  • 13 August, 2021 12:00 AM
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Govt cuts duty on rice import

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The government has cut the customs duty on rice import to 15 per cent from 25 per cent to encourage imports and check the price volatility of the staple food in the local market.

The National Board of Revenue (NBR) issued a statutory regulatory order (SRO) in this regard on Thursday.

The reduced tax rate on the import of rice might be valid until 30 October 2021, sources said.

Officials familiar with the development said the government took the decision to encourage traders to import rice to keep its price affordable for the common people.

In December last, the import duty on parboiled rice was reduced to 25 per cent from 62.5 per cent for ensuring fair prices of the commodity.

According to the Trading Corporation of Bangladesh (TCB), prices of coarse rice went up by 37 per cent in a year.

Coarse and medium varieties of rice are now selling at Tk 50-60 per kg at the retail level while superior quality rice is now selling at Tk 65-78 per kg.

The annual demand for rice in Bangladesh is 34 million tonnes.