The revenue board cut the import duty of rice to 10 per cent from 25 per cent Wednesday to rein in prices of the staple in the local market.
The Internal Resources Division (IRD) issued a Statutory Regulatory Order (SRO) making the reduced duty effective from June 21, 2017.
Husked (brown) rice, semi-milled or wholly-milled rice, whether or not polished or glazed, fortified rice kernel, other semi-milled or wholly-milled rice, whether or not polished or glazed, and broken rice can be imported by paying 10 per cent customs duty (CD) from now on.
The customs wing cut the 25 per cent CD to 10 per cent on import of rice. The tax incidence on import of rice was 28 per cent including 3.0 per cent Regulatory Duty (RD).
As per customs law, the RD was imposed on most of the products under the 25 per cent CD slab. As the CD on rice import has been reduced to 10 per cent, the RD would not be applicable to the item.
The government had imposed the high import duty on rice to ensure fair prices for the local growers. But, a substantial hike in rice prices forced the government to go for import.
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Source: The Financial Express