The National Board of Revenue (NBR) in Bangladesh has announced the removal of all import duties and regulatory taxes on onions. This decision, highlighted in a recent notification, eliminates the tax rate from 10 percent to zero, aiming to mitigate the escalating onion prices and shortages in the local market. The dwindling stocks towards the year's close have led to a consistent price hike, with onions from Rajshahi now priced at approximately USD 1.86 per kg, up from USD 1.57-1.63, and imported onions costing around USD 1.40 per kg. The NBR's initiative is designed to encourage onion imports, improve supply in the market, and ensure prices stay affordable for consumers. This change represents the second revision of onion import taxes by the government within the year, following an earlier reduction on September 5. The current policy will be in effect until January 15, 2025.
Source: BD News24