The National Board of Revenue (NBR) has imposed a 20% regulatory duty (RD) on the export of rice bran oil.
The NBR issued an official notification on Wednesday, signed by Chairman Md Abdur Rahman Khan, to enforce this duty.
Under the new regulation, exporters of rice bran oil will be required to pay a 20% RD on both refined and unrefined forms of the product. This follows the expiration of a previous 25% regulatory duty in July. Over the past few months, leaders of the Bangladesh Rice Bran Oil Mills Association had been advocating for the reinstatement of a regulatory duty on exports.
The notification states that the 20% RD is being imposed under the authority of the Customs Act 2023.
In recent years, rice bran oil production in Bangladesh has seen significant growth, driven by increasing consumer demand. In 2011, Rashid Oil Mills Ltd in Ishwardi, Pabna, pioneered the production of rice bran oil under the brand name “White Gold,” and since then, several major companies have entered the industry.
Bangladesh has an annual edible oil demand of 2.2 to 2.3 million tonnes, with around 90% of the demand met through imports of crude soybean and palm oil, which is then refined locally.
According to the Bangladesh Rice Bran Oil Mills Association, the country currently has 21 rice bran oil mills, with a total annual production capacity of 453,000 tonnes.
