Special Correspondent :
The government has finally imposed a higher duty on import of rice to encourage and sustain local production.
Import duty on rice was 28 per cent (25 per cent customs duty and 3.0 per cent regulatory duty). In addition to, a 22 per cent fresh regulatory duty and 5.0 per cent advance income tax are imposed on rice import totalling the import duty to 55 per cent, according to a Statutory Regulatory Order (SRO) issued by the National Board of Revenue (NBR) on Wednesday.
NBR came up with the latest move as per the directive from the Prime Minister in order to save farmers from financial losses following sharp fall in local paddy prices.
