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Wed, Sep 18, 2019 1:57 AM
Wed, May 22, 2019 5:05

Govt increases duty on rice import

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In purview of farmers counting losses in Bangladesh, the government has increased the duty on import of the basic staple to protect local produce.

In purview of farmers counting losses in Bangladesh, the government has increased the duty on import of the basic staple to protect local produce.

National Board of Revenue (NBR) has increased the regulatory duty on rice imports to 25 per cent, from what was 3 per cent previously, said a notice.

Now, importers will have to count a total of 55 per cent tax and duty, which includes advance income tax of 5 per cent and prevailing 25 per cent tariff.

NBR has taken the decision against the backdrop of resentment among the farmers over the low price of rice compared to their production cost.

“To protect the interest of country’s farmers and minimize and their financial loss, we have taken the decision of increasing import duty on rice following the directives of the Prime Minister,” said NBR Chairman Md Mosharraf Hossain Bhuiyan.

In the first 10 months of this fiscal (2018-19), Bangladesh imported 3.3 lakh metric tons of rice and as an outcome, the local farmers are being forced to sell rice at a price lower than the production cost, added the chairman.

 

newsbangladesh.com/nbd