Import duty on rice withdrawn
In order to reduce the price of rice in the country’s market, duty has been exempted on the import of rice. Also, the regulatory duty has been reduced from 25 percent to 5 percent. The National Board of Revenue (NBR) issued a notification in this regard on August 28.
The notification states that rice other than fragrant rice can be imported. However, before importing rice at subsidised rates, approval from the Ministry of Food must be obtained for each shipment.
ALSO, YOU CAN READ FOR BEHIND THE RECENT RISE IN FUEL PRICES
Import duty on diesel reduced
Import duty has been reduced from 10 percent to 5 percent along with the exemption of advance tax (AIT) imposed on diesel in order to reduce the price of daily necessities. The National Board of Revenue (NBR) issued a notification in this regard on August 28. The notification states that this decision has been taken in the public interest. This decision will be in force till December 31.
The government increased the price of oil on August 5 to reduce the increase in the price of fuel oil in the world market and the cost of subsidies. In view of this, inflation is seen along with the increase in transport costs. The government has decided to reduce the duty rate on diesel mainly with the aim of reducing inflation.