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Bangladesh levies 55 percent customs duty on rice imports

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Christian Fernsby ▼ | May 23, 2019
Bangladesh has hiked customs duties on rice imports to support local farmers after bumper production.
Bangladesh rice
Asia   Bangladesh rice
The Bangladeshi National Board of Revenue (NBR) raised the duty to 50 percent from the existing 25 percent, said a notice.

Apart from this, according to the notice, an importer will have to provide an advance income tax of 5 percent on rice imports.

The decision came as rice prices in the country have fallen to a nearly three-year low in the wake of good harvest as well as higher stocks of the staple food item.

Bangladesh imported millions of tones of rice in in the past years in an effort to replenish reserves and rein in prices of the staple in the wake of flooding.