Reduction of tax on dates proposed

Duty and tax exemption initiatives are being taken to reduce the price of dates during the upcoming Ramadan.

The Trade and Tariff Commission has sent a proposal in this regard to the National Board of Revenue (NBR) and the Ministry of Commerce.

In the letter sent to the Ministry of Commerce, the commission recommended reducing the duty of dates from 25 percent to 15 percent and advance income tax from 10 percent to 3 percent until March 31. Exemption of 5 percent advance tax on dates has also been proposed.

Meanwhile, Bangladesh Bank has allowed late payment of date import bills in view of the month of Ramadan. The product can be imported under 90 days buyer's credit.

There is an annual demand of 100,000 tonnes of dates across the country. According to the Fruit Traders Association, the demand for dates is 40,000 tonnes during the fasting month of Ramadan.