The National Board of Revenue on Tuesday issued a statutory regulatory order withdrawing five per cent customs duty on onion import.
The decision had come after price hike of the essential item in the domestic market as India imposed a ban on onion export.
Customs wing of the NBR issued the SRO with immediate effect.
The validity of the waiver will remain effective until March 31, 2021, according to the SRO signed by NBR chairman Abu Hena Md Rahamatul Muneem.
NBR issued the SRO two days after the finance ministry had announced the government’s decision to withdraw the duty to keep onion price stable in the local market.
Price of onion reached as high as Tk 120 a kg on September 15 a day after India imposed a ban on onion export.
India is the major source of Bangladesh’s onion import.
Initially on September 14, the revenue board rejected a commerce ministry proposal of withdrawal of the duty arguing that the government imposed the duty in the budget for the current fiscal year 2020-2021 to ensure the fair price for local farmers.
Want stories like this in your inbox?
Sign up to exclusive daily email
More Stories from Country