In an effort to bring down prices, the National Board of Revenue (NBR) has eliminated customs duties and lowered regulatory duties on the import of all types of sugar.
The entry of each tonne of raw and refined sugar no longer carries duties of Tk 3,000 and Tk 6,000, respectively.
In addition, the regulatory duty has been reduced from its previous level of 30% to 25% in order to facilitate imports and stabilize sugar costs.
In response to a suggestion from the Ministry of Commerce, the NBR has resolved to remove the duty on the import of all types of sugar. The decision will be in force until May 30 of the following year.
The National Board of Revenue published a statutory regulatory directive on Sunday to that effect.
In accordance with the SRO, the NBR eliminated the relevant customs duty for the import of beet or cane sugar and lowered the regulatory duty from 30% to 25%.
After the import duty is removed and the regulatory duty is reduced, the NBR estimates that the total cost of importing raw and refined sugar will decrease by Tk 6,500 per ton and Tk 9,000 per ton, respectively.
