Govt. withdraws 5 percent duty on onion import
Government has withdrawn 5 percent duty on onion imports. This decision will remain effective till March 31, 2021.
Gazi Touhidul Islam, public relations officer of the finance ministry, said this in a press release on Sunday (September 20).
Onions are an essential commodity dependent on partial imports, the release said. The onion market has been volatile in the recent past and the crisis has taken a turn for the worse in the 2019-20 fiscal year. The price of onion has increased a lot in recent times. In addition, the price of onion has gone up in the market due to the recent ban on onion exports by India. According to the review, 5 per cent import duty has been imposed on onion imports in the current fiscal year 2020-21 to ensure fair price for domestic onion farmers, encourage onion cultivation and reduce dependence on imports.
At present, considering the overall situation, the 5 per cent import duty on onions has been withdrawn till March, 2021, which is known as the Lean Period of Onions.
Last Wednesday (September 18), Finance Minister AHM Mustafa Kamal said the withdrawal of the existing 5 percent duty on onion imports would be considered.