In a bid to reduce the price of sugar as well as to bring stability in the market, the National Board of Revenue (NBR) has issued a circular reducing the customs duty on sugar import by 50 percent.
the import duty of sugar having high test and colourless non-refined sugar has been fixed at Taka 1,500 per ton, the circular, signed by NBR Chairman, said. The duty for other sugar has been fixed at Taka 3,000 per ton. The new duty rate would be in force immediately and it would remain effect until March 31, 2024, the circular added.
The customs duty of non-refined sugar was earlier Taka 3,000 per ton which was Taka 6,000 per ton for other sugar.
BSS adds: Currently, the sugar importers have to pay 15 percent VAT, 30 percent
regulatory duty, two percent advance income tax apart from Taka 3,000 tax for
per ton sugar. That duty has been reduced to Taka 1,500 per ton.
If calculated, more than 60 percent tax is being imposed on import of sugar
up to the reach of the consumer level which is around Taka 40 to Taka 42.
Now, per kg sugar is being sold at Taka 135 to Taka 140 in the kitchen
market. In order to rein in the price of sugar, the government has undertaken
a number of steps including reduction of duty in the current year. But, the
price of sugar is yet to come at desired level.
At this time, the local production of sugar constitutes one percent of the
overall demand which is around 30,000 tonnes annually whereas the annual
import of sugar is around 22 lakh to 24 lakh tonnes.
Usually non-refined sugar is being imported in the country. The sugar
refiners usually produce sugar after importing raw material or non-refined
sugar.
