Government reintroduces 20% regulatory duty on rice bran oil exports

The interim government has reimposed a 20 percent regulatory duty on rice bran oil exports to stabilise the domestic cooking oil market. The National Board of Revenue (NBR) issued the notification for the new duty on Wednesday. Earlier in February, the NBR had said domestic production of rice bran oil could meet 25 to 30 percent of Bangladesh’s internal demand. At that time, a 25 percent regulatory duty was imposed on exports to ensure adequate local supply and maintain market stability. The regulatory duty lapsed following the announcement of the new fiscal year budget, which removed such provisions. Following the imposition of a 1 percent advance tax on imported soyabean, sunflower, palm, and corn oil on Tuesday, the NBR took...