The National Board of Revenue (NBR) has reduced import duty to bring the country's volatile onion and sugar market under control. In the case of onion import, the duty has been reduced from 10 percent to 5 percent. The sugar regulatory duty (RD) has been reduced from 30 per cent to 20 per cent.
On Thursday (October 14) two separate notifications signed by NBR Chairman Abu Hena Rahmatul Munim were issued.
The notification said that the regulatory duty on sugar (mainly bit sugar) and other sugarcane sugar has been reduced from 30 per cent to 20 percent without adding any flavor or color. On the other hand, import duty on onions has been completely withdrawn.
This notification will take effect immediately. Notification of withdrawal of duty on onion will be valid till 31st December and notification of reduction of duty on sugar will be valid till February 26, 2022.
Earlier on October 11, the Commerce Ministry had requested the National Board of Revenue to withdraw tariffs on onions and reduce tariffs on crude soybean oil, palm oil and sugar. The request was made at a meeting held in the conference room of the Commerce Ministry at noon on the same day with the aim of keeping the stock, supply, import and price situation of daily commodities normal and stable.