PV Desk : Commerce Minister Tofail Ahmed said the government has decided to slash import duty on rice by 18 percent to ensure smooth supply and check price.
“Now, rice will be imported paying only 10 percent import duty,” said the minister at a workshop at his ministry office today.
He hoped the move will push down the price of rice to normal level quickly.
A total of 28 percent duty was imposed on rice import of which 15 percent is regulatory and 3 percent supplementary duties along with 10 percent import duty.
“A plot was initiated to raise the price artificially in the market but different measures taken by the business friendly government have thwarted it,” continued Tofail.
The high import duty was imposed in a bid to protect the local farmers preventing cheap foreign rice price in the market.
The minister said the government has passed the Competition Law in 2012 and established Bangladesh Competition Commission (BCC) to stop the monopoly, artificial price hike and syndication in the market.