Rice import responsibility slashed | The Every day Star

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The federal government has slashed import responsibility on rice till October 31 to assist improve the provision of the staple and stabilise the home market, based on a notification issued yesterday.

Importers will have the ability to usher in rice paying 25 p.c responsibility, down from 62.5 p.c, stated Inner Assets Division below the finance ministry.

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Rice importers would, nevertheless, require permits for each consignment from the meals ministry.

The brand new import responsibility comes into impact instantly.

“We have now lowered the import responsibility in step with the advice of the meals ministry to facilitate rice imports and arrest worth spiral,” stated a senior official of the IRD.

In its notification, the IRD stated after being cleared by the meals ministry, importers must simply pay the 15 p.c regulatory responsibility, 5 p.c advance tax and 5 p.c advance earnings tax.

There could be no customs responsibility.

Customs responsibility was 25 p.c and regulatory responsibility was 25 p.c earlier than.

The transfer comes excessive on the heels of a worth spiral throughout peak Boro season and amid hypothesis of crop loss because of floods and inclement climate. Unlawful hoarding has additionally been blamed for prime costs.

Costs of all types of rice shot up over one month.

Retailers bought fantastic rice for Tk 64-80 a kg yesterday, up 14 p.c from a month in the past. Costs of coarse rice edged up 8.6 p.c to Tk 48-53 a kg throughout the identical interval, based on Buying and selling Company of Bangladesh.

Till June 22 of the present fiscal yr, Bangladesh imported 9.89 lakh tonnes of rice, together with the 6.83 lakh tonnes the federal government imported itself, says meals ministry information.

Within the first two crop seasons — Aush and Aman — of this fiscal yr, rice manufacturing grew one p.c year-on-year to 1.79 crore tonnes, based on Bangladesh Bureau of Statistics.

Agricultural officers earlier stated Boro manufacturing could be over 2 crore tonnes this yr and the overall manufacturing of the grain was anticipated to be round 3.8 crore tonnes.

Bangladesh had allowed rice import at lowered customs responsibility and taxes between August 12 and October 30 final yr.

Rice import was 13.59 lakh tonnes in fiscal 2020-21.

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