The National Board of Revenue (NBR) on Thursday issued a gazette notification exempting import duty on sugar and eggs, and import and local VAT on edible oil to increase supply and rein in the prices of these essential commodities.

According to an NBR press release, the existing import duty on eggs has been reduced from 25% to 5% – which will reduce the price of eggs by Tk13.80 per dozen at the import stage.

Due to the reduction of import duty, the supply of eggs in the market will increase and the price of eggs will be reduced at the consumer level, so it will be more affordable to consumers, the NBR hopes.

It also said that the costs of egg-using industries such as confectionery, bakery, and egg-based food producing industries will be cut, returning “relief and balance” to the market.

This facility will remain in force till 15 December.

In the case of the supply of refined soybean oil and refined palm oil, the NBR press release said that 15% VAT imposed at the local production level and 5% at the local business level has been exempted and the import level VAT has been fixed at 10% instead of 15% for the import of crude soybean oil, crude palm oil, other including refined palm oil and refined soybean oil.

Due to the reduction and withdrawal of value-added tax at the import stage and the local level, it will be possible to keep the price of this essential commodity at a tolerable level in the market despite the increase in the price of edible oil in the international market, the NBR said.

This facility of edible oil will remain in force till 15 December as well.

On 8 October, the existing regulatory duty on refined and unrefined sugar was reduced from 30% to 15%.

The NBR has reduced the import duty on refined sugar from Tk6,000 to Tk4,500 per tonne within a week to increase the supply of refined sugar in the market.

Due to the significant reduction of import duty and regulatory duty on refined sugar, its supply will enhance in the market by increasing the import of refined sugar and it will be possible to keep the price of sugar at a tolerable level, the NBR said.