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Gold tax fair Traders can legalise gold by paying Tk 1,000 per bhori

June 13, 2019 00:00:00


FE Report

Domestic gold traders will be able to legalise their undeclared gold by paying Tk 1,000 per bhori at gold tax fair, said the association of the traders on Wednesday.

Following the government's offer to legalise undeclared gold, traders are organising a fair for jewellers to clear their stock of the precious yellow metal.

The three-day fair will be held at Hotel InterContinental from June 23 to 25, said Bangladesh Jewellers' Association (Bajus) general secretary Dilip Kumar Agarwala at association's general meeting.

The meeting was held at Officers' Club in the capital.

Finance minister AHM Mustafa Kamal is expected to attend the event as the chief guest.

Mr Agarwal said the fair being held in cooperation with the National Board of Revenue (NBR) would basically encourage traders to legalise their stocks.

The trade will be recognised formally through this declaration process, he added.

Mr Agarwal said it is a historic moment for the local jewellery industry.

In a notification on May 28, the NBR said if any trader seeks to disclose their stocks of undeclared gold, they will have to pay Tk 1,000 per bhori (11.664 grams).

In case of cut and polished diamonds, the tax will be Tk 6,000 per carat.

The authorities also fixed tax for silver at Tk 50 per bhori. The offer is valid until June 30.

Tax benefits will be given to traders only when they fulfil certain terms and conditions.

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