Dhaka, Oct 09 (V7N) – In a significant move to stabilize the sugar market amidst rising economic pressures, the National Board of Revenue (NBR) has announced a reduction in the regulatory duty on both raw and refined sugar from 30 percent to 15 percent. This decision was officially communicated in a notification released on Wednesday.
The NBR's announcement comes in light of several factors affecting the Bangladeshi economy, including global conflicts, political unrest, and natural disasters such as floods. These challenges have contributed to the devaluation of the Bangladeshi Taka and a surge in the prices of essential commodities, including baby food, raising concerns over affordability for the average consumer.
According to the notification, the reduction in regulatory duty is aimed at keeping sugar prices within reach for the public. Specifically, the customs duty on raw sugar will decrease by Tk 11.18 per kilogram, while refined sugar will see a reduction of Tk 14.26 per kilogram. As a result, the NBR expects that sugar prices will decline proportionately to the duty cuts.
The NBR further highlighted that this measure is anticipated to deter smuggling activities and encourage legal imports of sugar. With an increase in legitimate imports, the board projects a potential rise in overall duty and tax revenue collection.
This strategic tax relief is part of the NBR's broader efforts to ensure essential goods remain accessible to consumers amid challenging economic conditions.
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