Market Digest

Gold traders urge to review tax rules

Staff Correspondent

10 June, 2021 12:00 AM printer

Bangladesh Jewelers Samity(BJS) has urged the government to reconsider the tax on the gold business.

They made the demand on Wednesday, saying that the Jewellers pay tax in three layers which is ‘rare in world’.

In a statement, BJS mentioned the local businesses pay 5 percent value added tax during trading gold bar which is adjusted from customer end while the tax is 15 percent on wage of maker. The traders pay Tk 2 thousand for per shipment of 11.66 gram of gold as custom duty.

“However, the subtotal tax on gold business is 1.5 percent in most of the countries,” read the BJS statement jointly signed by the President Enamul Haque Khan and General Secretary Dilip Kumar Agarwala.

At present, the jewelers pay 10 percent value added tax in total which is comparatively higher in context of the industry, the officials mentioned.