The National Board of Revenue (NBR) has offered yet another tax benefit on import of a key poultry feed ingredient to keep prices of broiler chicken and eggs affordable in the local market.
The customs wing of the board issued a Statutory Regulatory Order (SRO) on Monday, waiving the regulatory duty (RD) on oil-cake used for processing poultry and dairy feed.
Earlier, there was a 5.0-percent RD on import of the item titled "Oil-cake and other solid residues whether or not ground or in the form of pellets, resulting from the extraction of soya-bean oil."
Official sources said there would be 5.0 per cent Advance Income Tax (AIT) and Advance Tax (AT) each on import of the item.
However, both AT and AIT are refundable or adjustable with the actual payable taxes of the taxpayer.
The NBR waived the RD following requests from the poultry sector and the Ministry of Fisheries and Livestock, officials said.
With the latest SRO, the NBR has incorporated the oil-cake in the list of products entitled to import tax benefit by amending the previous one issued on June 3, 2020.
A bunch of products, used for production of poultry or livestock feeds, are in the list that have been enjoying waiver from payment of customs duty, supplementary duty, and value-added tax (if applicable) under the previous SRO.
However, the industries would have to comply with some conditions to avail of the tax benefit on import of the items.
A senior customs official said that already the poultry sector has been enjoying different forms of tax benefits which helped the industry to flourish in the domestic market. The recent setback in prices of eggs has made the policy makers annoyed over not passing the tax benefit to the domestic consumers, official sources said.
Currently, Bangladesh has relaxed restrictions on import of eggs to facilitate meeting the domestic demand and help consumers get the essential item at an affordable price.
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