To alleviate the financial strain on consumers amidst a rising cost of living, the National Board of Revenue (NBR) in Bangladesh has taken the step of halving import duties on both raw and refined sugar.
However, industry experts argue that this reduction is unlikely to have a substantial impact on sugar prices.
Effective immediately, importers will see their tariffs reduced to Tk1,500 per tonne for raw sugar, down from the previous Tk3,000, and Tk3,000 per tonne for refined sugar, down from Tk6,000. These revised tariffs are set to remain in effect until March 31, 2024, as per a circular issued by the NBR on Wednesday.
Despite this reduction in import duties, executives in the sugar refining and marketing sector contend that the impact on consumer prices will be minimal. The reason for this is that other cost factors, including the expenses associated with importing, refining, and marketing, remain unchanged.
Taslim Shahriar, deputy general manager of Meghna Group, explained that the duty reduction would likely lead to a price decrease of up to Tk1.5 per kg.
