NBR removes import and regulatory taxes to stabilise rice supply
According to a NBR press release issued today (1 November), the existing 15% import tax and 5% regulatory tax on rice will be fully waived, effectively reducing the overall import tax on rice from 25% to 2%
The National Board of Revenue (NBR) has removed all import and regulatory taxes on rice to ensure food security and control rice prices for the general population.
The revenue authority issued a statutory regulatory order (SRO) yesterday (31 October) in this regard.
According to a NBR press release issued today (1 November), the existing 15% import tax and 5% regulatory tax on rice will be fully waived, effectively reducing the overall import tax on rice from 25% to 2%.
The decision is expected to lower rice prices by at least Tk9.60 per kilogram.
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On 20 October, NBR reduced import tax by a substantial rate from 62.5% to 25%. However, even then the import was not increasing.
Two days ago, the Bangladesh Trade and Tariff Commission (BTTC) requested NBR to waive import tax following which NBR issued the order.
"This waiver on import and regulatory taxes will help stabilise rice prices and make it more accessible to the average consumer," reads the press release.
The NBR anticipates this move will improve rice supply and keep prices affordable for the foreseeable future, ensuring that consumers have access to essential food staples.
