NBR cuts import tax on dates
The National Board of Revenue (NBR) has reduced import taxes on dates to keep prices stable during Ramadan.
It has come down from around 64% to 39%, the NBR said in a notification today (21 November).
The NBR said it believes this decision will multiply the import of dates, increase its supply in the market and keep the prices affordable.
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The total tax on date import includes 25% customs duty, 10% advanced income tax, 5% advance tax, and VAT was around 64%.
The new order has reduced customs duty to 15%, advanced income tax to 3% and a total reduction by 25%.
Earlier when NBR announced its plans for reducing the tax, fruit importers appreciated the move and they said the import tax on dates should have been reduced earlier, as many traders had already opened letters of credit.
Importers also urged authorities concerned to evaluate valuations for imports based on invoice prices or actual market rates.
On 14 November, the Bangladesh Trade and Tariff Commission (BTTC) proposed reducing import taxes on dates to ensure affordable prices during Ramadan. The proposal was submitted to the Ministry of Finance, the Ministry of Commerce, and the NBR.
According to BTTC, the existing customs valuation for imported dates, set by executive order at customs stations, is flawed. It suggests that customs valuation should follow proper procedures based on the actual exchange value.
Bangladesh's annual demand for dates is estimated to be between 1 lakh and 1.10 lakh tonnes, with 50,000 to 60,000 tonnes consumed during Ramadan alone, according to BTTC.
