NBR Cuts Source Tax on Fresh Fruit Imports to 5%

The National Board of Revenue (NBR) of Bangladesh has declined the International Monetary Fund's (IMF) proposal to increase tax collection by an additional Tk 570 billion for the upcoming fiscal year. In a recent meeting, NBR officials conveyed that the current economic conditions are not conducive to imposing such a substantial tax burden.

Benapole, Bangladesh’s busiest land port, recorded a 13.19% revenue growth despite a decline in imports. For FY25, the customs house targeted Tk6,705 crore in revenue, with Tk4,453.31 crore expected in the first eight months.

The Centre for Policy Dialogue (CPD) warns that Bangladesh’s revenue shortfall may reach Tk 1.05 trillion in FY25, as revenue collection grew only 4.4% in July-December, making a 55% increase in the remaining period unrealistic.

The National Board of Revenue (NBR) has reduced the source tax on imported fresh fruits from 10% to 5%, as per a Statutory Regulatory Order (SRO) issued by the Income Tax Wing on Thursday. The tax applies to fresh or dried oranges, citrus fruits, grapes, lemons, apples, and pears.

The National Board of Revenue (NBR) has reduced the source tax on imported fresh fruits, including oranges, malta, grapes, apples, and pears, from 10 percent to 5 percent to stabilize domestic prices during Ramadan.

The National Board of Revenue (NBR) has extended the deadline for company taxpayers to file their income tax returns until April 30, 2025. The decision was made under Section 334, Clause (b) of the Income Tax Act, 2023, replacing the previously set deadline of March 16, 2025.