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All kinds of import duties, regulatory duties, and advance taxes have been completely withdrawn to increase the supply of rice. This time advance income tax has also been reduced from 5 percent to 2 percent.
The National Board of Revenue (NBR) has informed this information in a press release on November 3, 2024. It is said that the government has taken initiatives to increase the supply of rice in the market, ensure future food security, and keep the price within the affordability of common people. On October 20, the import duty on rice was reduced from 25 percent to 15 percent, the regulatory reduction from 25 percent to 5 percent, and the existing 5 percent advance tax was completely withdrawn. That is, 62.5 percent to 25 percent of the total tax is determined.
Then on October 31, taking into account the increase in the price of rice in the world market, the remaining import duty of 15 percent, the regulatory duty of 5 percent was completely withdrawn and the advance income tax rate was reduced from 5 percent to 2 percent. That is, the total tax is reduced from 25 percent to 2 percent. After these two reductions, only a 2 percent advance income tax will be paid on the import of rice. Apart from that, no customs duties have to be paid. Due to the withdrawal of these import duties and reduction of advance income tax, the import cost of rice will be reduced by 25 taka 44 paisa per kg. NBR expects that this will increase the import of rice, and supply to the market. It will ensure food safety. At the same time, the price of rice will be within the purchasing power of common people.
Source: Online/GFMM
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