The Bangladesh Trade and Tariff Commission has recommended the National Revenue Board to withdraw the existing 5 per cent customs duty on import of onions to reduce the price of the essential commodity on the local market.
To this end, the commission sent a recommendation letter to the NBR, chairman (secretary) of the BTTC Moinul Khan told BSS.
Currently, local onions are being sold at a price range of Tk 140-150 a kilogram at the retail level, while imported onion between Tk 120-130.
According to the Trading Corporation of Bangladesh data, the price of local onions increased by 30.23 per cent in a month and that of imported onions by 7.89 per cent during the period.
鈥業ndia has imposed a 20 per cent duty on export of onions due to low production this year caused by heavy rainfall, which has led to an increase in Indian onions鈥� price on the Bangladeshi markets,鈥� the tariff commission stated in its letter.
The commission also said that import of onions increased in October compared to the previous month.
However, the shortage of the commodity persists on the local market.
鈥業n order to control prices by increasing supply, it is advisable to withdraw the 5 per cent tariff altogether at this point. By reducing cost, import of onions will be encouraged,鈥� it said.
