Import duty, regulatory duty reduced to boost supply of rice in market

The government has reduced import duty and regulatory duty on the import of rice alongside withdrawing advance tax to keep the price of rice at a tolerable level.

The National Board of Revenue (NBR) issued a gazette notification in this regard. The move is expected to boost the supply of rice in the market and also to ensure food security for the common people.

Under the fresh decision, the import duty on rice has been reduced to 15 per cent from the existing 25 per cent, the regulatory duty to 5 per cent from the existing 25 per cent, and withdrew the existing 5 per cent advance tax.

The NBR said that with such a move, the price of per kg rice will reduce by Tk 14.40.