Rice market: Import duty withdrawn, regulatory excise duty reduced to 5.0pc from 25pc

The government on Sunday withdrew the total import duty on rice and reduced the regulatory excise duty from 25 per cent to 5 per cent. The government issued a gazette notification on Sunday after growing the price of the most consumed main staple. This duty cut will be applicable to imports of boiled and non-boiled atap rice, not to aromatic rice, reports UNB. The traders have to take permission before importing the staple from the Ministry of Food for each consignment, to enjoy the tax reduction facility.

Source: https://thefinancialexpress.com.bd/trade/rice-market-import-duty-withdrawn-regulatory-excise-duty-reduced-to-50pc-from-25pc-1661707007

NBR waives entire advance tax on diesel to cut import cost

The National Board of Revenue (NBR) has waived the entire advance tax on diesel aiming to cut the import cost of the key gasoline item. The NBR issued a notification in this regard, according to a BSS report published on Sunday. The NBR also reduced import duty to 5 per cent from 10 per cent. The reduced import tariff would remain effective until December 31 this year.

Source: https://thefinancialexpress.com.bd/trade/nbr-waives-entire-advance-tax-on-diesel-to-cut-import-cost-1661700761

BB implements Tk 250b loan package for small entrepreneurs

The small entrepreneurs in the cluster-based manufacturing industries will get 5-year term loans with flexible conditions from the Tk 250 billion special refinance scheme of Bangladesh Bank. The central bank signed a loan deal with 46 banks on Wednesday to implement the scheme to help the cottage and small industries recover from the Covid-19 pandemic shock. The entrepreneurs will borrow from the scheme at 7 per cent interest rate for a 5-year term, while the banks will get funds from the BB at 2.0 per cent interest for a 3-year term. The BB has specified that that a minimum of 70 per cent of the total disbursed loans should be distributed to the manufacturing and service sector and a maximum of 30 per cent in the business sector. 

Source: https://thefinancialexpress.com.bd/economy/bangladesh/bb-implements-tk-250b-loan-package-for-small-entrepreneurs-1661432227