• Financial

Imposition of 20 percent duty on hundreds of foreign products

  • Financial
  • 26 May, 2022 09:37:06

Photo: Collected

News Dex: Controlled duty (RD) on hundreds of luxury and foreign goods has been imposed from 5 per cent to 20 per cent to reduce the pressure on foreign exchange reserves and import trends. The information came from a circular signed by NBR chairman Abu Hena Rahmatul Munim on Monday (May 23). NBR Public Relations Officer Syed A. Mumin confirmed the matter to banglanews.

In this regard, Syed A. Mumin told banglanews that in order to restructure the economy after Kovid-19, reduce dependence on luxury products and reduce imports and save foreign currency, about 135 percent of imported fruits, flowers, furniture and cosmetics are in the import stage. Instead of 3 percent, 20 percent regulatory duty has been imposed. Which came into effect on 23rd May.

Meanwhile, the Ukraine-Russia war has increased fares for fuel, consumer goods, capital equipment and raw materials and ships in the international market. Due to this, in the first nine months of the current financial year (July-March) the import cost has increased by about 44 percent. Exports have not grown at the rate at which import costs have risen. Expatriate income is declining. Expenses are not being met with income. The deficit every month is 100 crore or 1 billion dollars. With it comes the repayment of foreign loan installments. In these crises, the value of the dollar is rising, and the reserves are declining to meet the demand. The government took this step to handle such a situation.

Notable among the products are imported biscuits, chocolates, fruits of different varieties, juices and foreign made garments, raw materials of furniture etc.

It is learned that steps are being taken to discourage the import of these products. If the additional tariff is effective, the prices of the products will increase in the domestic market.

The NBR said the tariff was being raised temporarily. It will remain in force till June 30.

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