The National Board of Revenue (NBR) today halved the import tariff on raw and refined sugar in order to contain prices of the sweetener in the domestic market.

Through a notification, the NBR said importers will need to pay Tk 1,500 as specific duty on import of each tonne of raw sugar, down from Tk 3,000 earlier.

Similarly, it slashed specific duty on refined sugar to Tk 3,000 per tonne from Tk 6,000.

The reduction comes following recommendation from the commerce ministry to the NBR to slash import tariff for the highly import-dependent commodity, prices of which have soared in the international market in recent months.

The NBR said the reduced import duty will remain effective until March 31 of 2024.