The government has reduced the import duty on rice from 62.50% to 25%. Therefore, the import duty on rice has been reduced by 37.5%.
The National Board of Revenue (NBR) said this in a statement on Thursday (23 June). It said that till 31 October this year, importers will be able to import by paying 25% duty instead of 62.5%.
And 5% advance tax and 5% advance income tax are still in effect on imports. All in all, from now on, 25.75% of duty will have to be paid on rice imports. However, approval has to be obtained from the Ministry of Food for import.
Those interested in importing rice at the new duty rate will have to apply to the ministry by 31 October. In other words, those who are interested will be able to import rice by paying 25% duty for the next four months.
Due to floods and bad weather in different parts of the country, there is a risk of major damage to paddy cultivation this year. In the meantime, these steps have been taken to keep the market stable as paddy prices have risen during the ‘Boro’ season.
Earlier, in a notification in August 2021, the government similarly reduced the import duty on rice. At that time, the opportunity to import at a lower duty was given until 31 October. From November of that year, the duty was again 62.5%.
