Govt reduces import tariff on rice, sugar, dates to contain price hike

The National Board of Revenue (NBR) has lifted the customs tariff and reduced regulatory duty on rice, sugar and dates and lifted value added tax (VAT) on edible oil to boost supply and contain prices of the essentials during the Holy month of Ramadan to begin in the middle of March.

Some 25 percent customs duty for rice import has been removed and regulatory duty slashed to 5 percent from 25 percent, according to a notification published by the NBR on Thursday.

In a separate notice, the NBR lifted VAT on edible oil. It reduced the specific duty for the import of raw sugar to Tk 1,000 per tonne from Taka 1,500 earlier.

The NBR also cut import duty for dates, mostly consumed during the fasting month of Ramadan, to 15 percent from 25 percent.

The new rates have already become effective.