Welcome to Business Outlook
Related Articles
The National Board of Revenue (NBR) has extended reduced tariff benefit for importing raw sugar until May 15 to enable consumers to buy the sweetening agent during the coming Ramadan month and Eid- ul-Fitr festival.
Refiners will be able import raw sugar by paying 20 per cent regulatory duty (RD) down from 30 per cent, according to a notification by NBR issued today.
The move comes after the previous concessionary benefit to import raw sugar at 20 per cent RD expired on February 28.
The revenue authority said importers would enjoy the benefit from March 1.
The NBR slashed RD on raw sugar on October 14 and offered the privilege until February 28 to help contain prices of sugar in the domestic market.
Bangladesh requires 18 lakh tonnes of sugar annually and it has to import 97 per cent of sugar to meet its domestic requirement as local production of sugarcane and sugar at state mills is very minimal.
(TDS)
