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From now on, rice importers will require to pay a total of 55 per cent duty as the government has increased the regulatory duty (RD) on rice import to 25 per cent from the existing 3.0 per cent.
The decision was taken to discourage rice import against the backdrop of a significant fall in paddy prices in the local market.
The National Board of Revenue (NBR) issued a Statutory Regulatory Order (SRO) imposing the new RD from Wednesday.
With the fresh hike, rice importers will require to pay a total of 55 per cent duty, comprised of 25 per cent Customs Duty, 25 per cent Regulatory Duty and 5.0 per cent Advance Income Tax (AIT), on the importation of rice.
According to food ministry, 0.2 million tonnes of rice was imported by the government and private sector until April 16 of the current financial year (FY19), which was 3.3 million tonnes in the corresponding period of the last fiscal.
According to the Department of Agricultural Marketing, paddy is selling at Tk 500-Tk 650 a maund (40 kg) based on their varieties across the country against production cost of Tk 800-Tk 1000 this Boro harvesting season.
The Boro farmers are counting 40-60 per cent of loss across the country, according to Bangladesh Krishok Samity and Bangladesh Farm Labour Federations.