To keep the price of rice bearable and to increase the stock, the duty on the import of the commodity has been completely removed by the interim government.

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A notification in this regard was issued by the National Board of Revenue (NBR) on Thursday.

According to the notification, under the powers provided in sub-section (1) of section 25 of the Customs Act, 2023 (Act No. 57 of 2023), in consultation with the National Board of Revenue, in the public interest, the total levy on import of parboiled rice and unboiled rice from among the commodities included in the first schedule of that Act. Customs duties and regulatory duties are exempted.

It is also said that under this notification, prior to the import of rice at subsidized rate, a written approval must be obtained from an officer of the rank of joint secretary nominated by the Ministry of Food for each shipment. It is also mentioned in the notification that it will be effective immediately.

Earlier, Bangladesh Trade and Tariff Commission recommended the complete withdrawal of the currently applicable import duty tax on rice import in the interest of increasing the supply of rice in the local market and keeping the price stable due to the disruption of rice production due to floods on October 29.

Earlier on October 20, the National Board of Revenue had reduced the existing import duty on rice from 25 percent to 15 percent, the existing regulatory duty from 25 percent to 5 percent and the existing 5 percent advance tax.