- Local jewellers want VAT on jewellery items lowered from 5.0% to 3.0% in next budget
- Suggestions include installing EFD machines at jewellery shops, reducing customs duty on partially refined gold, and lowering taxes on imported rough diamonds
- Also calling for a 10-year tax holiday for gold refiners
- BAJUS presented 15 proposals for the budget for fiscal year 2024-25
- Gold Policy-2018 (amended)-2021 yet to be implemented, causing challenges for jewellery sector
- Absence of appropriate policies, disparities in duties and tax structures, and high costs of importing raw materials and machinery affecting sector’s growth
- BAJUS suggests installing EFD machines at 40,000 jewellery shops to increase government revenue and ensure equality in sector
- Also calling for lowering customs duty from 25% to 2.0% to help diamond market flourish and create export opportunities
- Urging government to amend baggage rules to prevent tourists from carrying gold bars and reduce tax-free gold ornaments’ limit to 50 grams from 100 grams.
Source: today.thefinancialexpress.com.bd
Note that this post was (partially) written with the help of AI. It is always useful to review the original source material, and where needed to obtain (local) advice from a specialist.
