Bangladesh government reduces duty, and VAT on four essentials, including rice, edible oil, sugar, and dates to stabilize the market

Published 2024년 2월 8일

Tridge summary

In a bid to stabilize the market, the government has announced significant reductions in the duty and value-added tax (VAT) on the import of key food items. The Total Tax Incidence (TTI) on rice imports has been slashed from 63% to 15%, while the VAT on oil imports has been cut from 15% to 10% and completely removed at the production and retail stages. Import tax on date palm has been reduced from 59% to 43%, and the duty on sugar imports has been lowered from $1500 per metric tonne to $1000.

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Original content

The government has slashed the duty and value-added tax (VAT) on the import of rice, edible oil, sugar and dates to stabilize the market. The National Board of Revenue (NBR) issued a notification in this regard on Wednesday (7 February) which was published on Thursday (8 February). At present, about 63% of tax including duty and VAT has to be paid on the import of rice. The new order has brought down the Total Tax Incidence (TTI) to 15%. Besides, the VAT on oil import has been reduced from 15% to 10% and the VAT has been withdrawn at the production and retail ...

Source: TBS