The interim government has lifted duties on rice imports completely to stabilise prices and boost supply.
The National Board of Revenue, NBR, issued a notification in this regard on Thursday (October 31).
Earlier on Tuesday (October 29), the Bangladesh Trade and Tariff Commission recommended the NBR remove duties on rice imports following the commission’s after analysiing of the international rice market.
The commission's report noted that on October 20, the government reduced rice import duties to 25 per cent, anticipating a potential rice shortage.
However, the analysis shows that even with the reduced duty, rice imported from Thailand would cost Tk 92-95 per kg in the local market, which is higher than current local prices, while imports from India would cost around Tk 75-78 per kg.
To make rice imports more affordable and encourage import activity, the commission has proposed a complete removal of duties for a specified period.
This temporary lift on duties aims to boost supply and stabilise prices domestically, as recent floods have affected rice production in the country.
SM/MSU