NBR Cuts Import Taxes on Sunflower and Canola Oils

Bangladesh's tax compliance remains weak, with 65% of registered taxpayers failing to file returns despite deadline extensions. By February 16, only 39.86 lakh taxpayers, including 13,066 companies, filed returns out of 1.14 crore TIN holders.

Bangladesh’s fresh fruit imports fell to $128.51 million in the first half of FY25, the lowest in three years, due to the taka’s depreciation and high import duties. Letters of credit (LC) openings for fruit imports declined 3.29% year-on-year to $140.5 million in July-December FY25.

Bangladeshi food manufacturers secured $34.5 million in confirmed orders at the Gulf Food Fair in Dubai, with an additional $29.1 million in potential export discussions. PRAN Group led with $5 million in orders and a $2 million export discussion, including its first orders from Syria and Russia.

Hili Land Port reported a revenue shortfall of Tk 43.93 crore in July-December FY 2024-25, collecting Tk 318.76 crore against a Tk 362.69 crore target. While July and October exceeded targets, deficits in other months contributed to the decline. The NBR set an annual target of Tk 740 crore.

The government has eased procurement rules to import 1 lakh tonnes of rice faster by reducing the bid submission period from 28 to 15 days, per the Cabinet Committee on Economic Affairs. This is part of a plan to import 700,000 tonnes of rice—the highest in seven years—to stabilize prices and replenish public foodgrain stocks, which fell 22% year-on-year to 11.95 lakh tonnes in December 2023.

Around 80% of Bangladesh’s 40,000 jewellery shops remain outside the VAT net, with only 8,000 registered, contributing just Tk 100 crore in VAT last fiscal year, according to the NBR. The government aims to curb tax evasion by installing Electronic Fiscal Devices (EFDs), but only 1,000 have been implemented so far.