Import duty on rice reduced to 25pc

The import tariff on rice has been slashed to 25 per cent from 62.5 per cent, an official announcement said on Thursday.

The change would be made effective from 30 October, reports UNB.

The National Board of Revenue (NBR) issued a gazette notification in this regard.

According to the notification, rice importers have to pay 5 per cent Advanced Tax (AT) and 5 per cent Advanced Income Tax (AIT) in addition to a 15 per cent customs duty.

However, it will only be applicable to the imports of boiled and unboiled Atap rice.

Previously, the revenue authority had also reduced the tariffs to 25 per cent last year in a bid to control the price hike by encouraging imports, but that facility was only valid till April this year.