Govt waives import duty on rice

The government has temporarily slashed the import duty on rice to zero in a bid to gear up its supply and maintain stability in the local market.

Besides, the regulatory duty on the food grain has been reduced from 25 per cent to 10 per cent, which dragged down the total tax on rice from 62 per cent to 25 per cent.

The National Board of Revenue (NBR) issued a notice in this regard on Thursday, saying that the new tax rate will remain in place until 31 October.

The NBR also said that the step was taken in response to a request made by the food ministry to keep the rice market stable. The importers, however, must take approval from the ministry to avail the tax-cut facility.

The prices of essentials have been soaring since the last half of the previous year when the fuel price surged significantly. The price of edible oil, including soybean, increased rapidly in May this year, which put immense hardships on the consumers.

The rice market also took a hit from the price hike and the retailers hiked its price by Tk 2 to Tk 5 per kg.

Meanwhile, crops have severely been damaged in floodwater in haor areas ande cyclone Ashani affected the crops across the country.