Withdrawal of sugar import duty, prices may fall

News Desk:  The minimum price (tariff value) as well as the specific duty (specific duty) on sugar import has been withdrawn till May 30 to control the price. At the same time the conservation duty has also been reduced.    

The National Board of Revenue (NBR) issued two separate notifications in this regard on Sunday. It is expected that the price of sugar may decrease by 8-9 rupees per kg. However, the mill owners say that the price of sugar will decrease by Tk 5 per kg.

So far, a specific duty of Tk 3,000 and a 30 percent conservation duty on import of unrefined sugar were in force. With the new notification, the specific duty has been withdrawn and the reservation duty has been reduced to 25 percent. 

According to sources, the price of sugar in the country is constantly increasing due to the increase in the price of unrefined sugar in the international market. To control prices, the Commerce Ministry has requested the withdrawal of duty on the import of unrefined sugar. Due to this, the duty has been withdrawn. And since the price of sugar in the world market is higher than the tariff value, the tariff value has also been withdrawn. 

On February 12, FBCCI organized a discussion meeting on stock, supply and price situation of daily commodities at FBCCI building in Motijheel. There, retailers, wholesalers and mill owners blame each other for the rise in sugar prices. 

In that meeting, retail traders said that wholesale traders do not give receipts for the sale of sugar. The government is selling sugar at a higher price than the fixed price.  

And the wholesale traders said that the receipt is not given from the mill gate. Retail traders are also not given memos as memos are not received from there. Everyone is doing business in secret. Again, more money is being deposited in the bank than the rate at which the memo is being given from the mill gate. If you tell the truth, you will not be allowed to enter the mill gate again the next day.

 

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