NBR cuts rice import duty

The National Board of Revenue (NBR) has slashed rice import duty at the request of the food ministry.

In a gazette notification on Thursday, NBR fixed the new import duty at 25 per cent from 62.5 per cent. The new rate will be effective until October 30 this year.

According to the notification, importers will now pay 5 per cent Advance Tax, 5 per cent Advance Income Tax, and 15 per cent customs duty.

Last year, the NBR also cut the tariff to control price hikes by encouraging imports but did not extend the facility after it expired in April this year.

In early August, the food ministry decided to import 10 lakh tonnes of rice through private importers. It wrote to the NBR to take necessary steps.

Bangladesh produced 2.8 crore tonnes of Boro rice this season, which was 1.96 crore tonnes in the last season, according to the Department of Agricultural Extension.

The country imported 15.36 lakh tonnes of rice in 2021, the second-highest import in the last two decades. In FY2017-18, Bangladesh imported around 39 lakh tonnes, the highest so far.