2024-09-07 07:13:34
Published: 14:53, 5 September 2024 Updated: 14:54, 5 September 2024
Photo: Internet
The National Board of Revenue (NBR) has reduced regulatory duty or regulatory duty on three products. Among the products, 20 percent import duty on pesticides, 13 percent import duty on potato and 5 percent regulatory duty on onion have been withdrawn.
NBR sources said that three separate notifications were issued in this regard on Thursday (September 5).
According to sources, this facility will remain in force till November 30 this year.
The notification has reduced customs duty (CD) on potato from 25 percent to 15 percent. Besides, the 3 percent regulatory duty (RD) applicable on this product earlier has been completely withdrawn. As a result, the total duty on the product has been reduced by 13 percent.
The 5 percent regulatory duty or regulatory duty on onion has been completely withdrawn at the import level. On the other hand, 25 percent import duty on pesticides has been withdrawn and fixed at 5 percent. Besides, all regulatory duties and value added tax on the product have been withdrawn.
According to the press release, due to the student uprising in July and August and the subsequent situation, there has been disruption in the transportation of goods in the country, which has not yet fully returned to normal. In addition, the ongoing flood situation in the eastern part of the country is disrupting the transportation of goods. Considering the overall context of the situation, the important stakeholders and concerned ministries have requested the National Board of Revenue to take measures to reduce the prices of essential commodities like pesticides, potatoes and onions.
It is said that, in this context, the National Board of Revenue analyzed the overall situation and took initiatives to increase the supply by easing the import of the mentioned products through tax exemptions.
According to the notification, the reason for reducing the duty of these products is that the majority of the country’s total demand is met through the domestic production of potatoes and onions. If the import duty is low, the protection applicable to the domestic production is reduced, thereby encouraging the farmers to produce potatoes and onions. As a result of the action taken by the National Board of Revenue, the market price of the two mentioned products will remain at a tolerable level. Farmers will continue to be encouraged to produce potatoes and onions in the long run. In the future also the National Board of Revenue will equally strive to play a key role in providing policy support for any state needs and providing the necessary revenue for the implementation of development activities of the country.
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