Bangladesh cuts rice import duty to 15pc

The government has cut the duty on import of rice to 15 percent from 25 percent to rein in spiralling prices amid the coronavirus pandemic. The finance ministry and the National Board of Revenue announced the decision on the import of sunned and parboiled rice on Thursday. 

In some cases, rice import has been exempted from all regulatory duties on some conditions. The decisions will be effective for three months. The NBR took the decision at the food ministry’s request after prices of the staple soared in the domestic market recently, said Syed Golam Kibria, a member of the board.

“People’s purchasing power is more important than increasing revenue.” Previously, the tax incidence of imported rice amounted to 62.5 percent, a burden now lowered to 25 percent, Kibria said.

Besides the 15 percent duty, the taxes are 5 percent advance tax and 5 percent advance income tax.