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The Bangladesh Tariff Commission has recommended reducing the regulatory duty imposed on sugar imports to stabilize prices in the country's market before the upcoming fast.
There is currently a 30 percent regulatory duty on imports of both refined and unrefined sugar. The Tariff Commission has recommended reducing this rate to 15 percent. Besides, the organization has also suggested to increase surveillance in border areas to stop sugar smuggling. Tariff Commission has sent a letter in this regard to National Board of Revenue (NBR) Chairman Abdur Rahman Khan.
It is said that the demand for sugar increases during the month of fasting. The price of sugar in the international market has increased significantly for two years. In the last month, the price of raw sugar in the international market has increased from 394 to 476 dollars per ton. The rate of price increase is 20 percent. In such a situation, the Tariff Commission recommends reducing the regulatory duty to keep the price of sugar bearable in the local market during the fasting month. At present, a duty of Tk 3,000 has to be paid for each ton of sugar.
Besides, 30 percent regulatory duty, 15 percent VAT, and 7 percent advance tax have to be paid. In the fiscal year 2023-24, 15 lakh 28 thousand tons of refined and unrefined sugar have been imported into the country.
Source: Online/GFMM
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