No source tax on import of edible oil, rice, wheat, sugar: Bangladesh finance minister

Bangladesh finance minister Abdul Maal Abdul Muhith on June 15 made a correction to the budget document placed before the parliament on June 4 for the fiscal year 2015-2016 and said that the proposed tax at source on import of edible oil (both raw and refined), rice, broken rice, dried chilli, oil seed, wheat and sugar, both raw and refined, would not applicable.

In the original budget document, he proposed two percent source tax on import of those products earlier which were exempted from source tax.

Muhith at the parliament on June 15 termed the imposition of the tax as mistake and said that such mistakes were creating problems and instability in the domestic market.

Earlier, on June 8, the Finance Minister corrected the increase of import duty on raw and refined sugar.

In the budget document it was proposed to increase the import duty on raw sugar from Tk 2,000 to Tk 4,000 while on refined sugar to Tk 8,000 from Tk 4,500.