NBR cuts advance tax on imported fesh fruits to 5% to control prices

The National Board of Revenue (NBR) has announced a reduction in the advance tax on imported fresh fruits, including oranges, malta, grapes, apples, and pears, slashing it from 10 percent to 5 percent. This move aims to help stabilize domestic prices during Ramadan and beyond.

This decision follows a recommendation from the Bangladesh Trade and Tariff Commission (BTTC), which had previously suggested a reduction in duties on fresh fruits to make them more affordable for consumers.

Earlier, the BTTC had urged the government to lower the advance tax on fresh fruit imports from 10 percent to 2 percent and rationalize the 20 percent regulatory duty.

In response to rising prices, the NBR had raised the supplementary duty on fresh fruit imports from 20 percent to 30 percent earlier this year, resulting in increased prices domestically. The BTTC's proposal to revert the duty to its previous level aims to counteract these price hikes.