Rice importers have to pay 5% advanced tax, 5% advanced income tax, and 15% customs duty

The National Board of Revenue (NBR) has slashed import tariffs on rice to 25% from the existing 62.5% to facilitate a private purchase from international sources and to keep prices in the cheque.

NBR issued a gazette notification in this regard on Thursday.

Rice importers have to pay 5% advanced tax, 5% advanced income tax, and 15% customs duty, the notification reads.

But this facility will only be applicable to the import of boiled and unboiled Atap rice.

Last month, the food ministry urged the revenue board to slash the import tariff to allow private businesses to buy 1 million tonnes of grain from abroad and increase supply to the local market.

The revenue authority had also reduced the tariffs to 25% last year in a bid to control the price hike by encouraging imports, but that facility ended in April this year.

By admin