The National Board of Revenue (NBR) has reduced import taxes on dates to keep prices stable during Ramadan.

It fell from around 64% to 39%, the NBR said in a notification today (November 21).

The NBR said it believes the move will increase imports of dates, increase its supply in the market and keep prices affordable.

The total import tax includes 25% customs duty, 10% advanced income tax, 5% withholding tax and VAT was around 64%.

The new decree reduced customs duties to 15%, advanced income tax to 3% and a total reduction of 25%.

Earlier, when the NBR announced plans to reduce the tax, fruit importers appreciated the move and said the import tax on dates should have been reduced earlier as many traders had already opened letters of credit.

Importers also urged the authorities concerned to assess the value of imports based on invoice prices or actual market rates.

On November 14, the Bangladesh Trade and Tariff Commission (BTTC) proposed to reduce import taxes on dates to ensure affordable prices during Ramadan. The proposal was submitted to the Ministry of Finance, the Ministry of Commerce and the BNR.

According to BTTC, the existing customs value for imported dates, set by decree at customs posts, is incorrect. It suggests that customs valuation follows appropriate procedures based on the actual exchange value.

The annual demand for dates in Bangladesh is estimated at 1 lakh to 1.10 lakh tonnes, of which 50,000 to 60,000 tonnes are consumed during Ramadan alone, according to BTTC.