State-Owned Firm Faces Tax Enforcement Tk 860M Recovered

The Bangladesh Trade and Tariff Commission (BTTC) has recommended reducing import taxes on sunflower and canola oil to diversify cooking oil options in the market.

Russia has announced the donation of 30,000 metric tonnes of Muriate of Potash (MoP) fertilizer to Bangladesh as a gesture of friendship and cooperation. The CEO of Russia's second-largest ammonia and nitrogen fertilizer company, Uralchem, conveyed this decision in a letter to the Agriculture Ministry.

The National Board of Revenue (NBR) has cut import taxes on dates from 64% to 39%, aiming to stabilize prices during Ramadan. As per the notification on 21 November 2024, the revised tax structure lowers customs duty to 15% (from 25%) and advanced income tax to 3% (from 10%), resulting in a total reduction of 25%.

On November 21, 2024, the Advisers' Council Committee on Government Purchase approved multiple procurement proposals to meet the country's growing demand for LNG, fertilizers, and rice. The finance adviser presided over the meeting at the Bangladesh Secretariat. Two LNG cargoes will be imported from Singapore-based M/S Vitol Asia Pte Ltd, costing Tk 6.863 billion and Tk 6.802 billion, with per-MMBtu prices of $14.55 and $14.42, respectively.

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.