Friday, 1 July, 2022
E-paper

NBR raises regulatory duty on import of 135 items

The National Board of Revenue (NBR) has imposed regulatory of 20 percent instead of the existing 0 and 3 percent at import stage on some 135 products under the HS code including fruits, flower, furniture and cosmetics to reduce import of those products and thus saving foreign currency.

The NBR issued a Statutory Regulatory Order (SRO) on Monday in this regard which also came into immediate effect.

The NBR officials said such decision has been taken in order to discourage import of such products alongside rebuilding economy following the COVID-19 pandemic and also to reduce dependency on the luxurious items.

The revenue board in a press release today said that Bangladesh is rich enough in cultivation of fruits and flowers and such decision would help the farmers in getting just price of their produced fruits and flowers. The marginal farmers will also be benefitted and thus the import dependency will be reduced.

They said that currently the locally manufactured furniture and cosmetics items are standard enough and also capable of meeting the local demand.

Due to the imposition of regulatory duty on furniture and cosmetics items, the local industry would be flourished through competition with the foreign products.

Besides, it will also play a role in saving foreign currency and generating more revenues through discouraging import of such items.

The products on which regulatory duty has been imposed are furniture and furniture raw materials, vehicles and vehicle engines, machineries, iron and iron products, fly ash as a raw material of cement industry, fruits, rice, cosmetics items and consumer goods.

The highest 20 percent regulatory duty has been imposed on wooden and iron furniture and furniture raw materials, pick up and double cabin pick up vans while 15 percent regulatory duty has been imposed on vehicle engines.

Besides, regulatory duty of 3 to 10 percent has been imposed on tyres and rims.

Besides, as raw material to construction items, regulatory duty of 3 to 10 percent has been imposed on iron rod and billets while regulatory duty of 5 percent has been imposed on import of fly ash.  

Apart from these, some 20 percent regulatory duty has been imposed on import

of perfumes, hair and skin care items, shaving items while some 15 percent

regulatory duty has been imposed on oxygen, nitrogen, argon and primary

Medicare items alongside 3 to 10 percent import duty on fiber optics and various types of wires.

Besides, the NBR also slapped 20 percent regulatory duty on import of foreign mangoes, apples, watermelons and nuts.