14,000 jewellers, traders legalise 1.8m bhoris of gold

Some 14,000 jewellers and gold traders legalised around 1.8 million bhori of gold and gold ornaments by availing the month-long opportunity ended on June 30.
A bhori is equivalent to 11.664 grams or 21,000 kilograms of the yellow precious metal.
According to a provisional data, the National Board of Revenue (NBR) has received Tk 1.83 billion in taxes from the gold, silver and diamond-whitening facility.
Of the total income tax, Tk 1.16 billion has come from Dhaka alone.
A major portion of the legalised gold, some 1.3 million bhori, was formalised at the June 23-25 gold tax fairs in eight divisional cities.
The jewellers and traders legalised the precious metal through making declarations and paying Tk 1,000 for a bhori to the tax authorities.
The tax rate was Tk 6,000 for cut and polished diamond and Tk 50 for silver per bhori.
Businesses got the scope of legalising stocks of undisclosed gold, diamond and silver until June 30 by paying the specific amount of taxes.
Talking to the FE on Tuesday, NBR member (income tax policy) Kanon Kumar Roy said the amount of taxes would go up after taxmen compile all data from field offices.
The majority of gold, silver and diamond stocks came under a formal channel through the first-of-its-kind initiative, he said. Earlier, traders said the NBR might receive a total of Tk 4.0 billion in taxes through this novel move.
On May 23, the income tax wing offered to legalise stocks of gold, silver and diamond within June 30.
The goldsmiths who did not declare their regular stocks of precious metals by the time frame would have to pay tax at a higher rate.
According to officials, the stocks that remained undeclared became illegal after the deadline. Officials said most of the traders of gold, silver and diamond came under tax net under the scheme.
Taxmen suspect a large amount of undisclosed gold and other precious metals here for absence of formal import of the solid substance, especially gold.
All traders procure gold from informal channels or from inbound passengers who bring gold under baggage rule.
Officials said many traders have obtained taxpayer identification number to avail this opportunity.
Conditions stipulate that traders must submit tax returns along with tax payment chalan and declaration documents of gold, silver and diamond within deadline.
Traders have to keep a record of inventory and sales in their business account books separately. They have to furnish all details of selling gold, silver and diamond from the declared stocks along with their prices.

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