Imported fruits likely to get pricier

The price of all imported fruits, including nuts, dates, and edible parts of plants is expected to be costlier in the upcoming fiscal year 2023-24 as the government plans to impose import duty on the goods.

While placing the budget in the Jatiya Sangsad on Thursday, Finance minister AHM Mostafa Kamal proposed imposing a 15 per cent Value Added Tax (VAT) on the imports of shelled cashew nuts. There is no such duty on the goods at present.

Besides, he also proposed imposing a 15 per cent Custom Duty (CD), up from 5 per cent, on the imports of the fruit.

Import costs of fresh and dried dates are also set for a possible hike.

The government plans to impose a 15 per cent VAT and a 15-25 per cent CD on the imports of the essential fruits. There are no such duties imposed at present.

Meanwhile, the government also looks to impose a 15 per cent VAT on non-fortified Basmati rice.

The government also plans to impose a 20 per cent Supplementary Duty (SD) on the imports of fruit, and other edible parts of plants, otherwise prepared or preserved, whether or not containing added sugar or other sweetening matter or spirit, not elsewhere specified or included.

Speaking about the agriculture sector in his budget speech, the finance minister said, “Agriculture is our priority sector. It is proposed to keep the existing duty rates unchanged on the import of the main inputs of the agricultural sector, especially fertilisers, seeds, pesticides etc. and on the staple food items, and on the import of other daily commodities.”