Rice, chocolate to get dearer; defence gets Tk29,084 crore
Sayeed Muhammad: In the latest budget outline, Bangladesh has reintroduced a 28 percent tax on rice imports in the latest national budget to protect local farmers. The duty on locally produced starches, wheat, maize, potato and cassava, has also been rationalised to 15 percent customs duty and 10 percent regulatory duty.
Bangladesh’s rice output from the summer crop is likely to hit 19.7 million tonnes against the target of 19 million tonnes, Mohammad Mohsin, director general of the Department of Agricultural Extension, told Reuters in May.
According to the Food Ministry, the country imported a record of 3.7 million tonnes of rice between July of last year and April of this year.
The government is going to more than double the duty on imported chocolates to protect local producers.
Finance minister AMA Muhith said local food processing industry i.e. honey, chewing gum, sugar confectionery, chocolate, cocoa food, nuts, cereals, and oats, will be see an increase of 25% customs duty on their bulk import, bringing the tariff to a stunning 45%.
So if a chocolate bar cost you Tk200 before, it will cost you Tk240 with the SD alone, and then there is VAT to consider. Really makes you hope local chocolate manufacturers step up their game, or just really put some effort into bringing back Mimi.