NBR cuts rice import duty to 10pc

Staff Correspondent | Published: 23:52, Jun 21,2017 | Updated: 01:12, Jun 22,2017

 
 

The National Board of Revenue on Wednesday issued a statutory regulatory order lowering the import duty on rice to 10 per cent from 28 per cent to rein in the soaring price of the staple.
The revenue board lowered the customs duty to 10 per cent from previous 25 per cent and withdrew 3 per cent regulatory duty on import of rice.
According to the SRO signed by NBR chairman Md Nojibur Rahman, the reduced duty will be applicable for import of husked (brown) rice, semi-milled or wholly-milled rice whether or not polished or glazed fortified rice kernels, other semi-milled or wholly-milled rice whether or not polished or glazed and broken rice.
The NBR issued the SRO following the government’s decision to cut the duty to stabilise the price of rice in domestic market as the prices of both coarse and fine varieties stood at record high in recent times.
According to the state-owned Trading Corporation of Bangladesh,
price of coarse varieties of rice rose by 46.88 per cent in last one year
while prices of fine and medium varieties of rice like Najir, Miniket and Paijam also increased by up to 20.65 per cent in the period. 

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