Govt withdraws import duties on rice to ensure adequate supply

To bolster food security and ensure that rice remains accessible to the general population, the National Board of Revenue (NBR) has announced withdrawal of import duty and regulatory duty on rice.

 The announcement was made from the NBR’s headquarters.

This initiative aims to increase the supply of rice in the market, thereby keeping prices within an affordable range for consumers. 

Previously, the import duty on rice was set at 15%, alongside a regulatory duty of 5%. With the new notification, these duties have been eliminated, leaving only an advance income tax of 2%. This strategic reduction is expected to lower the import price of rice by approximately Tk 9.60 per kg. 

The NBR expressed optimism that this policy change will enhance the availability of rice in the market, ultimately benefiting consumers and helping to stabilize prices for the common buyer. This proactive measure reflects the government's commitment to ensuring food security in Bangladesh.