NBR Slashes Rice Import Tariffs

The National Board of Revenue (NBR) reduced import tariff on rice further by 10 percentage points to over 15 per cent to facilitate imports of the staple grains and contain its prices in the domestic market.

The announcement comes two months after the customs authority slashed import duty for the staple to over 25 per cent from 62.5 per cent to encourage imports and increase supply so that local prices cool off.

However, importers had been shaky in importing the grains owing to increased cost resulting from rising cost of US dollar.

Today the NBR said the importers would be able to bring rice on payment of only 5 per cent regulatory duty along with 5 per cent Advance Tax and 5 per cent advance income tax.

Total tax incidence will be 15.25 per cent following the tariff cut, said officials.

Importers with permission from the food ministry will be able to import rice by paying the duty until December 31, 2022. Previously the scope was given for period until October 31 this year._Agencies