Rice bran oil exports slapped with 20% duty

The National Board of Revenue (NBR) has imposed a 20 percent regulatory duty (RD) on exports of rice bran oil, both refined and unrefined, to ensure greater availability in the domestic market.

An official notification, signed by NBR Chairman Md Abdur Rahman Khan, was issued on Wednesday to enforce the duty under the Customs Act 2023.

The decision follows calls from businesses to discourage exports and ensure local supply, a senior NBR official said.

"Regulatory duties typically expire at the end of a fiscal year. Based on requests from industry stakeholders, the NBR has decided to reintroduce it," the official added, seeking anonymity.

The move comes a day after the NBR slapped a 1 percent advance tax on imports of soybean, sunflower, palm, and corn oil.