Increased duty on import of sugar & milk powder
During the budget speech of 2019-20 FY, Finance Minister AHM Mustafa Kamal proposed to increase Customs Duty (CD) on Milk Powder and Specific Duty (SD) on Sugar.
“To protect the local dairy industry, I propose to increase 5% customs duty to 10% on milk powder import,” Finance Minister Kamal said.
He also proposed an increase from 20% to 30% on the specific duty on both raw and refined sugar. The existing duty on raw sugar is BDT 2000 per Metric Ton (MT). While the proposed duty is BDT 3000/MT.
For refined sugar, the proposed duty also increased to BDT 6000/MT from existing BDT 4500/MT.
“Regulatory duty will be 30% instead of 20% for both refined and raw sugar import,” he added.