BD removes import duty on sugar
DHAKA: Bangladesh`s National Board of Revenue (NBR) on Thursday withdrew specific duty of 2,000 taka ($25) per ton on import of refined sugar, a senior official said.
Earlier this year, Bangladesh also waived a 5.0 per cent regular duty on sugar import.
“All sorts of import duty on sugar have now been withdrawn to stabilise the market price,” said Abdullah Khan, a senior official of the NBR.
The annual demand for sugar in Bangladesh is 1.2 million tons, of which the country produces only a little more than 100,000 tons and the rest is procured through imports.
The NBR took the decision to withdraw duty on the request of the commerce ministry in an effort to cool sugar price that almost doubled in the retail market in just over a year.—Reuters