The National Board of Revenue (NBR) in Bangladesh reportedly plans to align customs duties for 20 products with the World Trade Organisation’s (WTO) Bound Duty rates in the 2024/2025 fiscal year.
Over the next two fiscal years, another 40 products will undergo alignment under WTO Bound Duty rates in phases.
The list include cold-water shrimp and prawns, milk and cream powder, almonds, hazelnuts, fresh grapes, apples, pears, quinces, plums, sloes, green tea, black tea, cinnamon, pastries, cakes, various wines, spirits, rum and tafia, vodka, cigarettes, tobacco, household articles, loaded printed circuit boards, and similar products made from these ingredients.
This move aims to decrease import duties for most of these products in an attempt at enhancing taxation and trade efficiency.
This initiative is crucial to address potential challenges arising from Bangladesh’s graduation from Least Developed Country (LDC) status. To facilitate this transition, a 22-member committee, led by the prime minister’s principal secretary, has been formed, with sub-committees established to ensure a smooth alignment process across specific sectors.
Additionally, steps are being taken to gradually eliminate practices conflicting with WTO agreements and to reduce Supplementary Duty (SD) and Regulatory Duty (RD) on imported goods while safeguarding local industries.
