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

Published Feb 9, 2024

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.
Disclaimer: The above summary was generated by a state-of-the-art LLM model and is intended for informational purposes only. It is recommended that readers refer to the original article for more context.

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 Besides, the VAT on oil import has been reduced from 15% to 10% and the VAT has been withdrawn at the production and retail ...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
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