Bangladesh waives import duty on raw sugar

The Bangladeshi government has waived import duty on raw sugar and slashed duty on refined sugar aiming to keep prices of the consumer good stable in the local market during the upcoming holy Ramadan month, expected to begin on the second week of August, an official said Tuesday.

The official on condition of anonymity told Xinhua that the decision has been made to keep the prices of sugar stable during Ramadan, Islamic month of fasting, in which participating Muslims do not eat or drink anything from dawn until sunset.

He said the measures with effect from July 1, 2010 will continue until September 15, 2010.

There will be no duty on import of raw sugar for the period while it has been slashed to 2,000 taka for a ton of refined sugar, he said.

The official said that the government imposed specific duty at 2,000 taka for per ton of raw sugar and 4,000 taka for refined sugar during the country's national budget in June for fiscal 2010- 11 (July 2010-June 2011).

In this connection, the country's National Board of Revenue issued an order Monday, he added. (1 U.S. dollar equals to 70 taka)

Source:Xinhua