Remedying paddy-price slump

Import duty on rice jacked up to 55pc

Govt leaders smell a rat in torching paddies

News Report: Amid a paddy-price slump following a huge harvest and continuous rice import, the government doubled the duty on imports of the staple by a regulatory measure. The National Board of Revenue (NBR) issued a circular to this effect Wednesday as an immediate action to stem a reported wave of LC opening yet for rice import, officials and analysts said. With the hike the regulatory duty on rice import now increased to 25 percent from the existing 3.0 percent. Importers will now have to count a total of 55 percent tax and duty, inclusive of 5.0 percent advance income tax and the existing 25 per cent tariffs. On government advice, the NBR adjusts and readjusts export-import tariffs by using...  read more>>