Duty on rice increased to discourage import
Rtv online report
To discourage import of rice National Board of Revenue (NBR) has increased the regulatory duty on its import to 25 percent, from what was 3 percent previously.
The information came through a notice signed by NBR Senior Information Officer Syed A Mumen on Wednesday afternoon.
The notice said, according to the government decision to discourage import NBR has imposed 25 percent regulatory duty on rice import from the previous 3 percent including the existing 25 percent tariff.
Besides the notice said that 5 percent advance income tax is imposed on these commodities. As a result the businessmen have to count 55 percent tax and duty on rice import.
In this regard NBR Chairman Md. Mosharraf Hossain Bhuiyan said, in the first 10 months of the current 2018-19 fiscal year total 3 lakh 3 thousand metric tons of rice was imported. For this reason farmers of the country have to sell their rice less than the production cost. As a result the farmers are facing huge loss financially.
He said, we have increased the duty on rice import according to the instruction of the Prime Minister to save the farmers from financial loss.