The National Board of Earnings (NBR) has reduced import taxes on dates to relieve prices stable throughout Ramadan.
It has come down from round 64% to 39%, the NBR said in a notification as we speak (21 November).
The NBR said it believes this resolution will multiply the import of dates, expand its provide in the market and preserve the prices cheap.
The whole tax on date import involves 25% customs duty, 10% stepped forward earnings tax, 5% approach tax, and VAT modified into round 64%.
The fresh repeat has reduced customs duty to fifteen%, stepped forward earnings tax to 3% and a whole reduction by 25%.
Earlier when NBR announced its plans for decreasing the tax, fruit importers appreciated the switch and they said the import tax on dates must were reduced earlier, as many traders had already opened letters of credit score.
Importers also suggested authorities enthusiastic to preserve in mind valuations for imports in line with invoice prices or actual market charges.
On 14 November, the Bangladesh Alternate and Tariff Commission (BTTC) proposed decreasing import taxes on dates to originate obvious cheap prices throughout Ramadan. The proposal modified into submitted to the Ministry of Finance, the Ministry of Commerce, and the NBR.
In defending with BTTC, the present customs valuation for imported dates, save by govt repeat at customs stations, is unsuitable. It suggests that customs valuation must calm discover simply procedures in line with the particular exchange worth.
Bangladesh’s annual request for dates is estimated to be between 1 lakh and 1.10 lakh tonnes, with 50,000 to 60,000 tonnes consumed throughout Ramadan on my own, in line with BTTC.
