NBR Slashes Sugar Import Duty to 15%

On 20 November 2023, over 300 people gathered at Mirpur-10 under the metro rail station for subsidized essentials from the Trading Corporation of Bangladesh (TCB). Despite waiting since early morning, the truck arrived late at 12:52 PM, forcing many, including the elderly and pregnant women, to endure long hours under harsh conditions.

The National Board of Revenue (NBR) reduced the value-added tax (VAT) on soybean oil imports from 10% to 5% effective until December 15, as stated in a circular on November 20. This measure aims to stabilize edible oil prices in the local market. Previously, on October 17, the NBR had granted a 15% tax exemption on local production and a 5% exemption on the supply of refined and unrefined soybean and palm oil.

To address rising egg prices and ensure adequate supply, the government has authorized the import of 18.80 crore eggs through 42 firms, with import permits valid until January 31, according to a Commerce Ministry notification issued on November 19. This comes as two pairs of brown eggs are currently selling for Tk 48–50 in Dhaka, reflecting a 12.64% price hike from Tk 42–45 a year ago.

Midland Bank PLC and BP Manufacturing (BD) Co. Ltd. recently signed a Memorandum of Understanding (MoU) at BP Manufacturing’s headquarters in Uttara EPZ, Nilphamari.

Bangladesh is losing $355 million in tax annually due to corporate profit shifting and tax abuses by wealthy individuals, according to the State of Tax Justice 2024 report published on November 19. Of the total, $335.9 million is lost through profit shifting by multinational corporations, which moved $1.3 billion out of the country—equivalent to 0.1% of Bangladesh's $460 billion economy.