DHAKA, Sept 5, 2024 (BSS) - The National Board of Revenue (NBR) has slashed duty on import of onions, potatoes, and pesticides in an effort to control its prices in the local market.

The tax reductions for potatoes and onion will remain in effect until 30 November next, an official release said today, saying the customs wing issued three separate gazette notifications in this regard.

The NBR has waived the 5.0 per cent regulatory duty on onion imports, reduced customs duty from 25 per cent to 15 per cent for import of potatoes, and set a 5.0 per cent customs duty on pesticide imports.

The decision was taken following requests from the stakeholders and relevant ministries, taking into account the impact of flood and supply chain disruptions caused by the recent student-led mass uprising.

"Local farmers meet a significant portion of domestic potato and onion demand. Lower import taxes may discourage them from producing these essential crops, that is why the NBR has set a timeline for the tax benefit," the statement added.

The NBR is committed to supporting farmers with long-term fiscal incentives and is optimistic that the tax cuts will help stabilise onion and potato prices.