September 6th 2024.
In an effort to control the rising cost of essential kitchen items, the National Board of Revenue in Bangladesh has announced a reduction in taxes on imported onions and potatoes. This decision, effective immediately, will see the removal of the 5% regulatory duty on onion imports and a decrease in customs duty for potato imports from 25% to 15%. The tax authority shared this news in a statement released on Thursday, as reported by the Xinhua news agency.
Furthermore, in an attempt to increase the supply of crop protection chemicals, the board has also lowered tariffs on pesticide imports. The previous rate of 25% has been reduced to a mere 5%. This move is expected to remain in effect until November 30, 2024.
The decision to reduce taxes on these essential kitchen staple items was made after careful consideration of pleas from concerned stakeholders. The recent political turmoil and unprecedented flooding in the country have caused disruptions in the supply chain, leading to a spike in prices. As a result, the tax authority has taken this step to provide relief to the citizens.
The impact of the inflation in Bangladesh has been significant, with the country seeing a 13-year high of 11.66% in July. This surge has been largely attributed to the rise in food prices. The current move by the National Board of Revenue is expected to provide some respite to the citizens, especially during these challenging times. With the reduction in taxes, it is hoped that the prices of onions, potatoes, and pesticides will become more affordable for the people.
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