Govt reduces customs duty, AIT on import of dates

The National Board of Revenue (NBR) has reduced customs duty and advance Income Tax and fully waived advance tax on the import of dates to keep this iftar item beyond the purchasing power of commoners during the holy month of Ramadan.

Under such a fresh move, the revenue board issued two separate orders in this regard on Thursday reducing customs duty to 15 per cent from the existing 25 per cent, reducing Advance Income Tax to 3 per cent from the existing 10 per cent and fully waiving the existing 5 per cent advance tax.

As a result, the total tax burden on dates has been reduced to 38.70 per cent from 63.60 per cent.

Due to the reduction of duty and tax on import of dates, the price per kg import of dates could be reduced between Tk 60 and Tk 100.

As a result, the import of dates will be increased as well as the supply in the market.

The revenue board also hoped that this fresh move would try to keep the price of dates within the purchasing power of common people.