Sugar import duty cut in half

The National Board of Revenue (NBR) on Wednesday reduced the regulatory duty on both refined and raw sugar imports by 50% to rein in local retail prices.

To reduce the price of sugar, the duty has been cut from 30% to 15%, effective immediately.

NBR explained in a statement issued on the day that this measure is intended to make sugar prices more bearable for consumers.

A statement also said that as a result of this reduction, the import cost of raw sugar will decrease by Tk11.18 per kilogram (kg), and the cost of refined sugar will drop by Tk14.26 per kg at the import level.

The NBR expects the price of sugar to decrease by a similar amount at the consumer level and also expressed hope that lowering the customs duty will discourage sugar smuggling through illegal channels and boost legal imports.