Govt cuts rice import duty by more than half

Dhaka,  Mon,  26 June 2017
Published : 20 Jun 2017, 18:41:18 | Updated : 20 Jun 2017, 19:51:06
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Govt cuts rice import duty by more than half

Govt cuts rice import duty by more than half
The government has cut the import duty on rice to 10 per cent from the existing 25 per cent to encourage private traders to purchase more from abroad.

The duty cut is the latest in a series of steps the government has taken to bring down rice prices.

Commerce Minister Tofail Ahmed announced the decision on Tuesday and said a formal notice would follow soon. 

The government also decided to withdraw the 3 per cent regulatory duty, a contentious issue that discouraged the traders from importing rice.

Rice imports by private traders slumped 58 per cent year-on-year to 103,200 tonnes between July 1 and May 25 of the outgoing fiscal year (2016-2017), according to the Food Planning and Monitoring Unit.

The imports are the lowest in four years.

In December 2015, the government increased customs duty on rice imports from 10 per cent to 25 per cent to discourage imports. The total duty amounts to 28 per cent when 3 per cent regulatory duty is added.

"We hope the decisions will help ease prices very soon. The government has already decided to import rice,” Ahmed said.

source – bdnews24.com

 
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