NBR halves duty on sugar to reduce price

The National Board of Revenue (NBR) has issued a circular on Wednesday halving the customs duty on sugar imports to reduce the price of this essential item and stabilize the market.

In a press release on Wednesday, the NBR announced that the regulatory duty on raw and refined sugar, previously set at 30%, has been reduced to 15%. This adjustment will result in a reduction of import duties by Tk11.18 per kilogram for raw sugar and Tk14.26 per kilogram for refined sugar.

The NBR expects that sugar prices in the market will decrease by at least the equivalent of the duty reduction. Additionally, the lower duty is aimed at discouraging sugar smuggling and promoting legal imports, which, in turn, is expected to boost revenue collection.

Amid global challenges such as war, political instability, significant currency devaluation, recent student protests, and ongoing flood situations, the prices of essential goods, including children’s food, have surged. These concerns have raised alarms about the affordability of essential items for the general public.

In light of this, the NBR has taken steps to stabilize the sugar market by lowering the regulatory duty on both raw and refined sugar.

The NBR anticipates that this reduction will lead to lower sugar prices for consumers, curb sugar smuggling, increase legal imports, and ultimately improve revenue collection.