Federation Urges Government to Reconsider VAT and Luxury Tax on Jewelry and Gold

• The Federation of Nepal Gold Silver Gem and Jewelry Associations has requested a review of VAT and luxury tax on diamonds, gems, and gold.
• Concerns were raised that these taxes could negatively affect businesses and potentially lead to closures.
• The government plans to impose VAT on diamonds and precious stones and a two percent luxury tax on gold.
• Federation Chair Sumanman Tamrakar highlighted the potential impact on 25,000 businesspeople and Rs 350 billion in investments, as well as craftsmen and their families.
• The business sector reportedly contributes approximately Rs 20 billion in annual revenue.

Source: radionepalonline.com

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.

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