The National Board of Revenue, or NBR, has removed all import duties and regulatory taxes on onions to keep prices affordable for the public.
The NBR reduced the total tax burden on onion imports from 10 percent to zero, removing all duties and taxes imposed at the import stage, it said in a notification on Wednesday.
This move comes as onion prices have been steadily rising, worsened by a shortage in the local market due to depleting stocks as the year ends.
Prices have been increasing for the past two to three weeks.
In retail markets, onions from Rajshahi, which were selling for Tk 135-140 per kilogramme a week ago, have now surged to Tk 160 per kg. Imported onions are priced around Tk 120 per kg.
Vendors have raised concerns about potential price hikes in the coming weeks.
Removing the duties would increase onion imports, improve market supply, and help maintain affordable prices for consumers, the NBR said in the statement.
This is the second time this year that the government has adjusted onion import taxes.
On Sept 5, the government had removed a 5 percent regulatory duty, while maintaining a 5 percent import duty until Nov 30.
With the latest decision, both duties have been abolished, and the policy's duration has been extended until Jan 15, 2025.
—bdnews24.com
