Dates, potatoes to be imported duty-free
Tuesday, 31 July 2007
FE Report
The government will allow duty-free imports of dates and potatoes to facilitate the local consumers buy the essential items at reasonable prices during the holy month of Ramadan.
The National Board of Revenue (NBR) will issue a Statutory Regulatory Order (SRO) in this connection shortly.
The board Monday approved the duty-free import of dates and potatoes during the period from August 12 to October 15 next, said NBR Chairman Badiur Rahman Monday.
The import of potato was restricted while import duty on dates was 25 per cent.
The importers who are authorised by the Bangladesh Rifles (BDR) will be allowed to bring in those commodities, which are widely consumed during the month of Ramadan.
The NBR chief said there is no restriction on quantity of imports as the board has not specified the volume.
The government has, on several occasions, waived duties on the essential commodities to help the local consumers buy them at fair prices, he added.
"We waived duty on onion, gram and motor dal ahead of Ramadan last year and on rice and wheat on March 8 last," he said.
In the budget for fiscal 2007-08, the government also waived import duty from edible oil and lentil.
The BDR has suggested to the NBR to reduce the import duty on dates to 15 per cent from 25 per cent and sought permission to allow imports 20,000 tonnes of the item, but the board, on advice from the higher authority, waived the duty to bring down its price in the local market, Rahman said.
However, the NBR chief said he was against the withdrawal of customs duty because such measure has never brought any positive impact on the prices in the market, rather it causes revenue losses.
The government is losing revenue to the tune of Tk 600 million a month for withdrawal of duty on rice and wheat imports, whereas the prices of the commodities still remain high.
The soaring price of such commodities in the international market is responsible for frequent price hike of the products in the local market, he added.
The government will allow duty-free imports of dates and potatoes to facilitate the local consumers buy the essential items at reasonable prices during the holy month of Ramadan.
The National Board of Revenue (NBR) will issue a Statutory Regulatory Order (SRO) in this connection shortly.
The board Monday approved the duty-free import of dates and potatoes during the period from August 12 to October 15 next, said NBR Chairman Badiur Rahman Monday.
The import of potato was restricted while import duty on dates was 25 per cent.
The importers who are authorised by the Bangladesh Rifles (BDR) will be allowed to bring in those commodities, which are widely consumed during the month of Ramadan.
The NBR chief said there is no restriction on quantity of imports as the board has not specified the volume.
The government has, on several occasions, waived duties on the essential commodities to help the local consumers buy them at fair prices, he added.
"We waived duty on onion, gram and motor dal ahead of Ramadan last year and on rice and wheat on March 8 last," he said.
In the budget for fiscal 2007-08, the government also waived import duty from edible oil and lentil.
The BDR has suggested to the NBR to reduce the import duty on dates to 15 per cent from 25 per cent and sought permission to allow imports 20,000 tonnes of the item, but the board, on advice from the higher authority, waived the duty to bring down its price in the local market, Rahman said.
However, the NBR chief said he was against the withdrawal of customs duty because such measure has never brought any positive impact on the prices in the market, rather it causes revenue losses.
The government is losing revenue to the tune of Tk 600 million a month for withdrawal of duty on rice and wheat imports, whereas the prices of the commodities still remain high.
The soaring price of such commodities in the international market is responsible for frequent price hike of the products in the local market, he added.