October 6, 2023

 

Bangladesh removes 5% regulatory duty on imported poultry feed raw materials

 
 

 

The Bangladesh National Board of Revenue (NBR) has taken steps to reduce poultry production costs by eliminating the 5% regulatory duty on imported soybean oil-cake and other solid residues, which serve as essential raw materials for poultry feed, New Age Business reported.

 

The NBR's customs wing issued the statutory regulatory order, officially waiving the regulatory duty on soybean oil-cake and similar residues. This duty waiver applies to these materials whether they are ground or in pellet form, stemming from the extraction of soya bean oil.

 

Officials from the NBR said that this move is expected to lower the overall import costs of these raw materials. In turn, this reduction in costs could create an opportunity to decrease the production expenses associated with poultry feed.

 

The decision to waive the regulatory duty came after the poultry sector and Bangladesh's Ministry of Fisheries and Livestock made formal requests to the NBR. These stakeholders expressed concerns about the rising production costs of poultry feed, which, according to the Bangladesh Poultry Association, have increased by approximately 20% in recent months.

 

-      New Age Business

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