The National Board of Revenue (NBR) has issued a notification reducing import duty on onion, potato and fertilizer, aiming to ease imports and increase the supply of these goods.
The import duty on pesticides has been reduced to 5% from 25%, and all regulatory duties and value-added taxes (VAT) on pesticides have been withdrawn, according to a press release, reports UNB.
Additionally, the import duty on potatoes has been slashed to 15% from 25%, and the existing 3% regulatory duty has been completely withdrawn. The 5% regulatory duty on onion import has also been completely withdrawn.
Considering the overall situation, important stakeholders and the concerned ministry requested the NBR to take measures to reduce the prices of essential commodities like pesticides, potatoes and onions.
As the reduction of import duty may discourage local farmers, the reduced import duties will remain effective only temporarily, until November 30, 2024.
The NBR is optimistic that these measures will help keep the market prices of these goods at a reasonable level and it said the incentive for local farmers will continue.
Bd pratidin English/Lutful Hoque
