Bangladesh government has withdrawn customs duty and reduced the applicable regulatory duty on the import of sugar to 25 per cent from the existing 30 per cent to improve supply and contain the soaring prices of sugar.
According to the updated Statutory Regulatory Order, importers can import sugar only by paying nearly 45 to 50 per cent import duties till May 30.
Before the updated SRO, importers have to pay Tk 3,000 to Tk 6,000 as customs duty on a tonne, 15 per cent value-added tax, 2 to 5 per cent advance income tax, 30 per cent RD and 5 per cent advance tax.
To this end, the National Board of Revenue issued a statutory regulatory order on Sunday.
Under the SRO, the NBR withdrew the applicable customs duty against the import of cane sugar or beet sugar and reduced the regulatory duty to 25 per cent from 30 per cent.
