The Ministry of Finance, Planning and Economic Development announced the issuance of a gazette notification on December 31, 2024, to maintain existing import duty rates on 63 selected items, including essential food products, without any revisions.
Objective: Price Stability and Local Industry Protection
The Ministry stated that retaining current duty rates aims to prevent price hikes for essential goods. Key items affected by the decision include:
- Staples: Dhal, white sugar, potatoes, and onions (both red and big).
- Cooking Essentials: Coconut oil and vegetable oil.
- Proteins and Spices: Canned fish and dried chilies.
Tax rates on other food items, such as rice, millet, green gram, maize, turmeric, fruits, fish, and dried fish, have also been left unchanged. This move seeks to support local agriculture and fisheries industries by ensuring competitiveness against imported goods.
The Ministry emphasized that this decision aligns with the government’s efforts to stabilize the economy while protecting consumers and promoting domestic production.
