Oct 09, V7N- The National Board of Revenue (NBR) in Bangladesh has halved the regulatory duty on the import of refined and raw sugar to stabilize local sugar prices. The duty has been reduced from 30% to 15%.

According to the NBR, this move is aimed at making sugar prices more manageable for consumers, considering the recent economic challenges, including global conflicts, currency devaluation, political unrest, and adverse weather conditions that have contributed to rising prices of essential goods, including baby food.

With the new duty structure, the customs duty on raw sugar will be approximately Taka 11.18 per kg, and on refined sugar, it will be about Taka 14.26 per kg at the import level. The NBR anticipates that these reductions will lower the market price of sugar correspondingly.

Additionally, the NBR believes that this duty reduction will help curb sugar smuggling and encourage legal imports, which will ultimately enhance customs duty collection. The initiative reflects a broader effort to address affordability and accessibility of essential commodities for the populace.

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