Import tax cuts on rice, oil, sugar likely

The National Board of Revenue (NBR) is set to cut down import taxes on rice to 15 per cent from the existing 62 per cent, waiving customs duty.
On the other hand, it is likely to cut down taxes on the import of sugar by Tk 1,000 per tonne.
Import tax on dates will be reduced to nearly 15 per cent from existing 58 per cent while edible oil would see a major tax cut.
The move comes following the prime minister's directives on Monday to keep prices of key commodities affordable during the upcoming holy month of Ramadan. To this end, according to sources, the NBR has already sent a summary to finance ministry for approval ahead of issuing a statutory regulatory order (SRO).
Import of sugar requires paying Tk 1,500 in specific taxes for crude and Tk 3,000 for refined oil per tonne. Officials said tax rates might be cut by Tk 1,000 each upon the approval of the NBR's proposal.
The customs will waive 25-per cent customs duty (CD) and 3.0-per cent regulatory duty (RD) on date imports in order to keep the widely consumed commodity affordable during Ramadan.
The authorities will waive 25-per cent CD on rice imports, keeping 5.0-per cent RD, 5.0-per cent advance income tax (AIT) and advance tax (AT) each.

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