Dhaka: Bangladesh's tax collection body, the National Board of Revenue, has reduced taxes on imports of onion and potato to rein in soaring prices of essential kitchen items. 

The board has waived the 5 percent regulatory duty on onion imports and reduced customs duty on potato imports from 25 percent to 15 percent, the tax authority said in a statement on Thursday, according to reports.

Apart from this, the board has reduced tariffs on pesticide imports from 25 percent to 5 percent to increase the supply of crop protection chemicals. The tax authority said the reduction will be active until November 30 2024.

The decision came amid pleas from relevant stakeholders, taking into account the impact of unprecedented ongoing flooding and supply chain disruptions caused by recent political chaos. According to official statistics, inflation in Bangladesh accelerated to 11.66 percent in July, the highest in 13 years, mainly driven by higher food prices.

IANS