To control rice prices and increase reserves, the government has removed all import duties on rice imports.
National Board of Revenue (NBR) issued a notification in this regard on Thursday (31 October).
According to the announcement, the measure was enacted under the Customs Act 2023 (Act No. 57 of 2023), Subsection (1) of Section 25, with the NBR deciding in consultation to waive all customs and regulatory duties on imported parboiled and atap rice, listed under Schedule One of the Act, in public interest.
NBR further stated that this notification will take effect immediately.
Under the terms of the announcement, all rice imports qualifying for the relief must obtain written approval from an official of at least the rank of Joint Secretary, designated by the Ministry of Food, for each consignment.
Earlier, on 20 October, the NBR had reduced import duties on rice, lowering the existing customs duty from 25% to 15%, regulatory duty from 25% to 5%, and removing the previous 5% advance tax.
However, on 29 October, the Bangladesh Trade and Tariff Commission recommended the full removal of existing duties on rice imports to mitigate supply shortages and stabilise prices in the domestic market, which have been affected by floods disrupting rice production.
The commission's report noted that the recent floods had severely impacted rice yields, potentially hindering domestic supply levels in the upcoming harvest season.
Additionally, it stated that the removal of import duties would not adversely affect local rice farmers.
