- The NBR has asked deputy commissioners to help tighten oversight of gold and jewellery businesses by verifying BIN status before issuing new licences and sharing lists of licensed traders/manufacturers with VAT offices.
- The move aims to link licensing with VAT registration under the VAT and Supplementary Duty Act 2012, bringing more gold-sector businesses into the VAT net and improving monitoring.
- From the current fiscal year, the government has replaced the 5% VAT on jewellery items with fixed-amount VAT: Tk 2,500 per bhori of gold and platinum, Tk 100 per bhori of silver, and Tk 2,500 per carat of diamond.
- The NBR expects the fixed-rate VAT system, combined with stronger enforcement, to significantly raise revenue from a sector with substantial informal activity and historically weak VAT compliance.
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.
Latest Posts in "Bangladesh"
- Bangladesh IMF Proposes VAT Exemptions on Medicines and Essentials
- Bangladesh Businesses List 107 Regulatory Hurdles, Customs and VAT Top Concerns
- Bangladesh Businesses Flag 107 Obstacles to Easier Doing Business
- Bangladesh Mandates Online VAT Return Filing for Selected Sectors
- NBR Extends Online VAT Return Deadline to October 15
