NBR halves duty on sugar imports

The National Board of Revenue (NBR) has announced a 50% reduction in the regulatory duty on both refined and raw sugar imports to stabilise local market prices. 

Effective immediately, the duty has been decreased from 30% to 15%, said the board’s public relations officer Syed A Mumen.

This decision aims to alleviate the financial burden on consumers as various global and domestic factors have contributed to the recent surge in prices of essential goods, including sugar. 

The NBR highlighted that factors such as the ongoing global conflict, political unrest, and the significant devaluation of the Bangladeshi currency have escalated the prices of daily essentials. 

The board noted that items like baby food are becoming increasingly unaffordable for many families.

Additionally, recent student protests and the current flood situation have intensified price pressures, further driving up the cost of essential items.

Following the reduction in regulatory duty, the customs duty on raw sugar will now be Tk 11.18 per kg, while refined sugar will be taxed at Tk 14.26 per kg at the import level. 

The NBR anticipates that this reduction will lead to a corresponding decrease in sugar prices for consumers.

Moreover, the NBR hopes that lowering customs duties will deter sugar smuggling through illegal channels and encourage legal imports.