Double duty to deject rice import

Dhaka, Wednesday   19 June 2019

Double duty to deject rice import

 Staff Correspondent

 Published: 05:53 PM, 22 May 2019   Updated: 09:34 PM, 22 May 2019

File Photo

File Photo

National Board of Revenue (NBR) has issued a circular on imposing 55 percent duty on imports to discourage rice import from abroad.

The information was provided in a notice sent to the media signed by Senior information officer of National Board of Revenue (NBR) Syed A Mumen.

NBR has increased the regulatory duty on rice imports to 25 percent, from what was 3 percent previously, said the notice.

Now, importers will have to count a total of 55 percent tax and duty, which includes advance income tax of 5 percent and prevailing 25 percent tariff.

The decision came in the backdrop of widespread protest over the drastic fall of price of rice. Rice prices have fallen to a nearly three-year low impacted by a downturn in paddy prices at the farmers’ level in the wake of a good harvest as well as higher private and public stocks of the grain.

Bangladesh bagged 3.62 crore tonnes of rice in fiscal 2017-18 and the total production is expected to hit a new high during the current fiscal year, according to the Department of Agricultural Extension (DAE), rice millers and traders.

In addition, fresh imports and carryover stocks have added to the overall domestic supply.

Earlier, Finance Minister AHM Mustafa Kamal on May 19 said the government would take all measures to export rice, even if it means compensating for losses exporters might incur in the process, to ensure fair prices for farmers.

And on May 20, the parliamentary standing committee on food ministry recommended to stop rice import.