NBR lifts duties on rice import

The National Board of Revenue (NBR) has lifted all import and regulatory duties on rice to ensure food security and control prices for the common people.

The revenue authority issued a Statutory Regulatory Order (SRO) to this end on Thursday (October 31).

Earlier, the Directorate of Food submitted a report on the country's overall rice stocks to the food ministry. Bangladesh Trade and Tariff Commission (BTTC) sent another report to food and commerce ministries and the NBR about the rice price situation.

Both reports recommended withdrawing all import duties on rice to encourage imports.

On October 20, the NBR reduced import duties to 25 percent from 62.5 percent to help regulate the local rice market.

This waiver on import and regulatory duties will help stabilise rice prices and make it more accessible to average consumers, a senior official told the media.