The National Board of Revenue on Thursday cut duties on import of green chilli to 25 per cent from 92.30 per cent in a bid to keep the price of the essential affordable for consumers through increasing its supply to the domestic markets, said NBR officials.
The revenue board on the day issued a statutory regulatory order reducing import duties on green chilli and the order will remain effective from July 18 to December 31, they said.
The NBR’s move came following a suggestion of the Federation of Bangladesh Chambers of Commerce and Industry to keep the price of green chilli stable in the local market as its price skyrocketed on the eve of Ramadan and remained high in the fasting month for Muslims.
The price of the item jumped to Tk 200 a kilogram in the capital’s kitchen markets a day before Ramadan began from Tk 70-Tk 80 a kg.
The FBCCI, the apex trade body of the country, said that the price of green chilli would come down to Tk 70-Tk 80 if the government withdraws duties imposed on the import of the commodity.
The price of the item, however, came down slightly on Monday as the NBR took the move to withdraw duties on import of the products.
On Thursday green chilli was retailing at Tk 160 a kg in the city’s kitchen markets.
Before Thursday, importers had to pay a total of 92.30 per cent of duties including 25 per cent customs duty, 20 per cent supplementary duty, 5 per cent regulatory duty, 15 per cent value-added tax, 5 per cent advance income tax and 4 per cent advance trade VAT in import of the item.
The NBR on Thursday withdrew mainly customs, supplementary and regulatory duties imposed on the import of green chilli.
Bangladesh imports green chilli mainly from India.
-With New Age input
