Import duty on rice increases to 55pc

MNA Business Desk: The National Board of Revenue (NBR) has increased import duty on rice to 55 per cent from existing 28 per cent aiming to help raising local paddy prices.

The NBR issued a circular in this regard on Wednesday.

According to food ministry, 0.2 million tonnes of rice was imported both by the private sector and government so far (until April 16) in the current financial year (FY’19) which was 3.3 million tonnes in the corresponding period of last year.

According to the Department of Agricultural Marketing, paddy was selling at Tk 500-Tk 650 a maund (40 kg) based on their varieties across the country now against production cost of Tk 800-Tk 1000 this Boro harvesting season.

The Boro farmers were counting 40-60 per cent of loss across the country, according to Bangladesh Krishok Samity and Bangladesh Farm Labour Federations.