The National Board of Revenue (NBR) has reduced the source tax on imported fresh fruits—including oranges, malta, grapes, apples, and pears—from 10% to 5%. This measure aims to stabilise domestic prices, particularly during Ramadan and the following months.
The decision was taken after the Bangladesh Trade and Tariff Commission (BTTC) recommended lowering duties and taxes on fresh fruit imports to make them more affordable for consumers.
Previously, the BTTC had advised reducing the advance tax on fresh fruit imports from 10% to 2% and adjusting the 20% regulatory duty. However, on 10th January, the NBR raised the supplementary duty on fresh fruit imports from 20% to 30%, leading to a notable price hike in the domestic market. In response, the BTTC has now proposed restoring the duty to its earlier rate.
Supplementary Information:
Bangladesh relies heavily on imports for a significant portion of its fresh fruit supply, particularly during Ramadan when demand surges. Any fluctuation in import duties directly impacts market prices, affecting both traders and consumers. Additionally, global supply chain disruptions and currency exchange rates play a crucial role in determining fruit prices in the local market.