Import duty on sugar, eggs slashed; VAT reduced for edible oil

The National Board of Revenue (NBR) on Thursday issued a gazette notification exempting import duty on sugar and eggs, and import and local VAT on edible oil to increase supply and rein in the prices of these essential commodities.

According to an NBR press release, the existing import duty on eggs has been reduced from 25 percent to 5 (five) percent – which will reduce the price of eggs by Tk 13.80 per dozen at the import stage.

Due to the reduction of import duty, the supply of eggs in the market will increase and the price of eggs will be reduced at the consumer level, so it will be more affordable to general consumers, the NBR hopes.

It also said that the costs of egg-using industries such as confectionery, bakery, egg-based food producing industry will be cut, returning “relief and balance” to the market.

This facility will remain in force till December 15, 2024.

In the case of supply of refined soyabean oil and refined palm oil, the NBR press release said that 15 (fifteen) percent VAT imposed at the local production level and 5 (five) percent at the local business level has been exempted and the import level VAT has been fixed at 10 (ten) percent instead of 15 (fifteen) percent for the import of crude soybean oil, crude palm oil, other including refined palm oil and refined soybean oil.

Due to the reduction and withdrawal of value added tax at the import stage and at the local level, it will be possible to keep the price of this essential commodity at a tolerable level in the market despite the increase in the price of edible oil in the international market, the NBR said.

This facility of edible oil will remain in force till December 15, 2024.

On October 8, the existing regulatory duty on refined and unrefined sugar was reduced from 30 percent to 15 (fifteen) percent.

The National Board of Revenue (NBR) has reduced the import duty on refined sugar from Tk 6,000 to Tk 4,500 per metric ton within a week to increase the supply of refined sugar in the market.

Due to the significant reduction of import duty and regulatory duty on refined sugar, the supply of refined sugar will increase in the market by increasing the import of refined sugar and it will be possible to keep the price of sugar at a tolerable level, the NBR said.