25% duties imposed on rice bran oil export

The government has imposed a 25 per cent regulatory duties on exporting rice bran oil.

This information was revealed in a notification signed by the chairman of National Board of Revenue, NBR, Md Abdur Rahman, on Sunday, February 9.

Earlier in December last year, the Bangladesh Trade and Tariff Commission sent a letter to the NBR, recommending imposing duties on exporting rice bran oil in a bid to boost the supply in the domestic market.

Also Read: Tariff commission for 25% duties on rice bran oil export

The commission said, in the 2019-20 fiscal year, 25 per cent regulatory duties were imposed on exporting rice bran to reduce its export. But there are no duties on the oil. That is why, a lot of rice bran oil is exported to the neighbouring country. However, the oil may play a role to increase the supply of edible oil in the local market.

It is possible to produce 7-7.50 lakh tonnes of unprocessed rice bran oil through processing rice bran that will meet 25-30 per cent of domestic demand, the commission suggested in the report.

If the supply of rice bran oil rises amid growing demand of edible oil in the upcoming Ramadan, it will play a positive role to keep the market stable, the commission observed.

SM/MSU