The Bangladesh Revenue Agency intends to take tax intervention measures against rice and onions
By: Date: 2021-01-07 Categories: Internationalfood Tags: ,
   According to a report from Bangladesh’s Financial Express on January 6, the Bangladesh Taxation Bureau is reviewing the taxation of rice and onion imports to ensure reasonable prices for such commodities in Bangladesh’s domestic market. The Bangladesh Taxation Bureau intends to impose a 5%adjustment tax on imported onions to reduce imports and protect the interests of onion growers in Bangladesh; it intends to issue a decree on imported rice to reduce taxes on rice imports and cooperate with the relevant initiatives of the Bangladesh grain department. According to the”Daily Star” news on January 6, the Bangladeshi government agreed to importers of 330,000 tons of rice to increase market supply and curb price increases. Currently, the import tariff rate of Mongolian rice is 62.5%. The Bangladesh Taxation Bureau has no plan to reduce import tariffs on edible oil, but plans to impose a single-stage withholding value-added tax on edible oil and change the previous multi-stage withholding value-added tax to reduce its tax burden. The above-mentioned draft related taxation measures have been sent to the legal department for review. According to officials of the Bangladesh Taxation Bureau, the relevant measures are intended to stabilize commodity prices and increase consumer benefits, but it is also very likely that consumers will not be able to truly benefit.