Duty on rice import increased to 55 pc

The government has increased the regulatory duty on rice import to 25 per cent from the existing 3 per cent, aiming to discourage its import following a drastic fall in rice prices in the country, reports news agency UNB.

The National Board of Revenue (NBR) issued a circular in this regard on Wednesday with immediate effect.

The circular also said the importers have to pay five per cent Advance Income Tax on rice import.

Now, rice importers have to count a total of 55 per cent tax and duty.

NBR chairman Md Mosharraf Hossain Bhuiyan said 330,000 tonnes of rice were imported in 10 months of the 2018-19 fiscal.

As a result, he said, the country's farmers are being forced to sell their rice at a price lower than their production cost.

The decision to raise the import tax and duty has been taken considering the huge losses being incurred by farmers, he said.