NBR cuts import, regulatory taxes on rice

The National Board of Revenue (NBR) has announced the removal of all import and regulatory taxes on rice to enhance food security and manage rice prices for the general public.

The revenue authority issued a statutory regulatory order (SRO) yesterday (31 October) in this regard.

According to a NBR press release issued today, the existing 15% import tax and 5% regulatory tax on rice will be fully waived, effectively reducing the overall import tax on rice from 25% to 2%.

"This waiver on import and regulatory taxes will help stabilise rice prices and make it more accessible to the average consumer," reads the press release.

The NBR anticipates this move will improve rice supply and keep prices affordable for the foreseeable future, ensuring that consumers have access to essential food staples.

The decision will lower rice prices by at least Tk9.60 per kilogram.