The National Board of Revenue (NBR) on Wednesday reduced the regulatory duty on both refined and raw sugar imports by 50 percent to stabilize the local market prices. The duty has been cut from 30 percent to 15 percent, effective immediately. NBR explained that this measure is intended to make sugar prices more bearable for consumers.  It pointed out that various global and domestic factors have contributed to the recent rise in the prices of daily essentials, including sugar. Due to the global war, political unrest, and the significant devaluation of the Bangladeshi currency, prices of several essential goods have escalated. Items such as baby food are also becoming increasingly unaffordable for the common man, NBR noted. It further said that recent student protests and the ongoing flood situation have added additional pressures, driving prices of essential items even higher. NBR accelerates efforts to clear revenue case backlog As a result of the 15 percent reduction in regulatory duty, the customs duty on raw sugar now stands at Tk 11.18 per kg, while refined sugar is taxed at Tk 14.26 per kg at the import level. The NBR expects the price of sugar to decrease by a similar amount at the consumer level.  The NBR also expressed hope that lowering the customs duty will discourage sugar smuggling through illegal channels and boost legal imports.  According to the available data, the annual consumption demand for sugar in Bangladesh is 2 to 2.2 million tonnes where Only 1.5 per cent of the country’s demand is met with locally produced sugar. Meghna Group of Industries (MGI) and City Group are the two main importers of sugar followed by S Alam Group, Abdul Monem Ltd and Deshbandhu Sugar Mills. At present, these five private sugar mills imports more than 98 percent of the country's annual demand for refined sugar, whereas the raw sugar mostly sourced from Brazil.

The Cabinet on Thursday directed the authorities concerned to make within next three days a realistic assessment of the prices of the essentials and challenges ahead. The directive to finance and commerce ministries and Bangladesh Bank came at the Cabinet meeting with Prime Minister Sheikh Hasina in the chair at the PMO. The finance ministry, commerce ministry and Bangladesh Bank will give a “comprehensive picture within two or three days,” Cabinet Secretary Khandker Anwarul Islam said at a media briefing after the meeting. The Cabinet directed that the report should include measures to be taken in overcoming the challenges in the wake of the Russia-Ukraine war and the Covid-19 pandemic. The ministries and the central bank have been asked to submit the report especially to detail on “How to handle the matter, where to put restrictions and where to ease them,” Khandker Anwarul said. Read: Lack of accurate data hampers consumers’ protection from market manipulation: DG DNCRP He also mentioned that the issue of the price of US dollar will also be in that comprehensive report. He said the Cabinet approved Haat and Bazar (establish and management) Act, 2022 in principle to replace an Ordinance of 1959 regarding the matter to make it time befitting. He said that there are 26 articles in the proposed law. As per the law no one can set up any haat and bazar without permission from the government. If any unauthorized haat or bazar is set up in any area the government will take over that as Khas land, he said. The district administration and government will manage the lands of haat or bazar and no land can be transferred permanently. As per the proposed law if anyone or a group of people illegally occupies Khas land of any haat and bazar and construct any establishment be fined not more than Tk five lakh or one years of imprisonment or both.  Khandker Anwarul  said Land Development Tax Act, 2022 was also approved  by the Cabinet which will replace Land Development Tax Ordinance 1976. As per the law land development tax up to 25 bighas of agricultural land will be free, which was done by Bangabandhu. But If anyone ownes more than 25 bighas of land then that person has to pay tax for the whole land.