Duty cut circular on 4 essentials Feb 8

Staff Reporter :
A directive to decrease import duties on four key commodities-sugar, edible oil, rice, and dates-is expected to be officially announced by February 8.

This decision follows a cabinet meeting on January 29, where Prime Minister Sheikh Hasina instructed relevant authorities to take action to ensure sufficient market supplies of these items in preparation for Ramadan.

The instructions from the Prime Minister led to an inter-ministerial meeting at the Food Ministry on Tuesday, with the participation of Food Minister Sadhan Chandra Majumder, Agriculture Minister Abdur Rahman, State Minister for Commerce
Ahsanul Islam Titu, and senior officials from various departments.

State Minister for Commerce Ahsanul Islam Titu, speaking to the media post-meeting, expressed optimism that the notification regarding the duty reduction would be issued before Prime Minister Sheikh Hasina’s scheduled visit to the Ministry of Commerce on February 8.

He highlighted the challenges related to the upcoming month of Ramadan and detailed the government’s proactive steps to mitigate these issues, noting the significant dependence on imports for edible oil and sugar, which account for 90% of domestic demand.

The proposal to lower import duties has been approved by the Prime Minister, and it is anticipated that the National Board of Revenue (NBR) will soon adjust these duties to more reasonable rates, thereby benefiting consumers during Ramadan, according to Titu.

Cabinet Secretary Mahbub Hossain confirmed the Prime Minister’s directive to the NBR to reduce duties on the specified products, leaving the determination of the exact reduction rates to the NBR’s discretion.