Rice market: Import duty withdrawn, regulatory excise duty reduced to 5.0pc from 25pc

The government on Sunday withdrew the total import duty on rice and reduced the regulatory excise duty from 25 per cent to 5 per cent.

The government issued a gazette notification on Sunday after growing the price of the most consumed main staple. This duty cut will be applicable to imports of boiled and non-boiled atap rice, not to aromatic rice, reports UNB.

The traders have to take permission before importing the staple from the Ministry of Food for each consignment, to enjoy the tax reduction facility.

An official of the ministry said that the duty was cut to give relief to the fixed and marginal income segments.

The government survey saw that coarse rice prices jumped recently, linked to additional transport costs due to a hike in fuel prices.