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

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 Besides, the VAT on oil import has been reduced from 15% to 10% and the VAT has been withdrawn at the production and retail ...