Area
Bangladesh
Commodity Group
Rice
Commodity
All
Date
27/12/2020
Policy Category
Trade
Policy Instrument
Import tariff
Description
Announced that it had decided to reduce duties and charges on imported rice (including the Customs Duty, Regulatory Duty, Advanced Tax and Advanced Income Tax) from a total 62.5 percent to 25 percent, with imports being made subject to approval by the Ministry of Food. Subsequent issuances specified that the lower rates would be applicable to husked, broken and non-fragrant parboiled semi/wholly milled rice and that they would be effective until 30 April 2021. According to reports, purchases under the lower rates would be subject to importers opening a Letter of Credit within seven days of receiving official import approval, while traders with approval to purchase up to 5 000 tones would have to bring half of approved volumes within 10 days of opening the Letter of Credit and the full volumes within 20 days. For those traders approved to buy more than 5 000 tonnes, half of approved shipments would need to be executed within 15 days of opening the Letter of Credit and the full volume within 30 days. Successive decisions reportedly extended the deadline by which rice importers were obliged to open Letters of Credit.
