The price of rice is rising in the country's market. In this situation, besides increasing the stock, the government has completely lifted the import duty of rice to keep the price under control.
A notification issued by the National Board of Revenue (NBR) on Thursday (October 31) said that under the powers provided in sub-section (1) of Section 25 of the Customs Act, 2023 (Act No. 57 of 2023) in consultation with the National Board of Revenue, the said Act is in the public interest. All customs duties and regulatory duties levied on imports of parboiled rice and unboiled paddy rice are exempted from first schedule goods.
Stating that the notification will be effective immediately, NBRO also said that before importing rice at subsidized rate under this notification, written approval must be obtained from an officer of the rank of Joint Secretary nominated by the Ministry of Food.
Earlier on October 20, the existing import duty on rice was reduced from 25 percent to 15 percent, the existing regulatory duty was reduced from 25 percent to 5 percent and the existing 5 percent advance tax was completely withdrawn.
However, due to the disruption of rice production due to floods on October 29, the Bangladesh Trade and Tariff Commission recommended the complete withdrawal of the current import duty on rice imports in order to increase the supply of rice in the local market and keep the price stable.
