Govt reduces customs duty, AIT on import of dates

The National Board of Revenue (NBR) has reduced customs duty, Advance Income Tax and fully waived advance tax on import of dates to keep this iftar item beyond the purchasing power of commoners during the holy month of Ramadan.

Under such fresh move, the revenue board issued two separate orders in this regard today reducing customs duty to 15 percent from existing 25 percent, reducing Advance Income Tax to 3 percent from existing 10 percent and fully waived the existing 5 percent advance tax.

As a result, the total tax burden on dates has been reduced to 38.70 percent from 63.60 percent.

Due to the reduction of duty and tax on import of dates, the price of per kg import of dates could be reduced in between Taka 60 to Taka 100.

As a result, the import of dates will be increased as well as the supply in the market.

The revenue board also hoped that this fresh move would try to keep the price of dates within the purchasing power of common people.