Dhaka, Nov 07 (V7N) — In response to rising onion prices, the National Board of Revenue (NBR) has announced the complete removal of customs and regulatory duties on imported onions. The decision, made to ease pressure on consumers, was outlined in an official press release on Wednesday.

The NBR stated that the removal of the 10 percent tax at the import level is aimed at keeping onion prices within the reach of average consumers. With this change, onions can now be imported free of customs duty, a move expected to boost imports, stabilize supply, and reduce prices in the domestic market.

Traders report that seasonal varieties of onions, known as "cut onions," typically hit the market during this period. However, this year, heavy rainfall delayed onion cultivation, slowing down domestic supply. As local stockpiles dwindle, reliance on imports has grown, pushing up prices over the last two months.

In response to the continued price hikes, the Bangladesh Trade and Tariff Commission recommended suspending import duties. Acting on this advice, the NBR lifted all import duties on onions starting from September 5, with the measure in place until November 30, 2024. The government hopes this will temporarily ease the market as domestic stocks recover.

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