NBR cuts import duty on 4 essential items before Ramadan

DE Online Report
The government has reduced VAT and duty on import of rice, edible oil, sugar, and dates ahead of holy month of Ramadan.
The National Board of Revenue (NBR) on Thursday issued four gazette notifications reducing the customs duties on these essential items from a minimum of 5 percent to a maximum of 47 percent.
According to the notifications, rice import duty and tax have been reduced by 47.25 percent. The duty has been reduced from 62.50 percent to 15.25 percent. Out of this, supplementary duty has been cut by 20 percent.
This tax reduction will be applicablein the import of boiled and non-boiled rice.
However, prior to importing rice at subsidized rates, written approval must be taken from an official of minimum joint secretary rank of the Ministry of Food for each shipment. The tax reduction facility will be valid till May 15, 2024.
On the other hand, the Value Added Tax on refined and crude (non-refined) soybean and palm oil has been reduced to 10 percent from 15 percent, which will be in force till April 15.
For sugar import, the fixed duty has been reduced from Tk 1,500 to Tk 1,000 per metric ton. This facility will be valid till March 31 as per NBR notification.
Besides, the import duty on date has been reduced from 58 percent to 43 percent.. It will remain in force till March 30. In the cabinet meeting held at the Prime Minister’s office on January 29, Prime Minister Sheikh Hasina ordered reduction of duty on edible oil, sugar, dates, and rice on the occasion of Ramadan.
On January 22, the Ministry of Commerce wrote to National Board of Revenue (NBR) to exempt tax on rice, edible oil, sugar, and dates.