NBR chief assures bond facility for exporting gold products
Three-day Gold Fair - 2019 opens
FE Report | Monday, 24 June 2019
National Board of Revenue (NBR) Chairman Mosharraf Hossain Bhuiyan on Sunday assured the gold traders and Jewellers of providing bond facility if they import gold with the intention to export back as finished products.
He made the assurance at the inaugural session of a three-day 'Gold Fair - 2019', which aims at legalising the undisclosed gold and other precious objects and metals through paying fixed amount of taxes.
The revenue authority also warned the gold traders and jewellers that they would not be able to legalise their undisclosed gold after June 30.
Bangladesh Jewellers' Samity (Bajus) and NBR jointly organised the fair for the first time at a city hotel.
NBR member (tax policy) Kanon Kumar Roy, Bajus President Ganga Charan Malakar, General Secretary Dilip Kumar Agarwala and Vice-President Enamul Haque Khan also addressed the function.
Delivering the chief guest's speech, Mr. Bhuiyan said the gold traders and jewellers may enjoy bonded warehouse facility like readymade garments and leather sector if they import gold as raw material and export it back as finished products.
"The bond facility holders will have to export all their imported gold and they will not be able to sell the gold imported using bond facility in the local market," he said.
He said the general people will be able to bring gold weighing up to 100 grams from abroad and if they bring even additional one gram, it will be seized. Besides, import of gold ornaments is also prohibited, he added.
He also called upon the gold traders and jewellers to legalise their undisclosed gold and other precious products by paying taxes within June 30.
The NBR chief said the traders will be able to obtain license from the Bangladesh Bank for Tk 0.5 million for three years and can renew it every year for Tk 0.1 million.
According to an NBR notification issued on May 28 last, traders can legalise their undeclared gold by paying Tk 1,000 per bhori (11.664 grams). Cut and polished diamond can be legalised at Tk 6,000 per carat and silver at Tk 50 per bhori.
NBR member Mr. Roy said the offer to declare gold stock of the traders and jewellers will remain valid till June 30, 2019.
"We don't know whether the time will be extended or not, but if anyone fail to declare their undisclosed gold stock, we will not be able to deliver positive message to them," he added.
Responding to a question about gold smuggling scenario in the country at a press conference after the inaugural ceremony, Mr. Agarwala said: "No Bajus member is involved in gold smuggling or that type of act. If we find anyone's involvement in such act, we will immediately cancel their membership."
Last year, the government approved the first-ever gold policy to make import and export of the precious metal easy, stop smuggling and ensure transparency in gold trade.
The fair will continue till June 25 (Tuesday) from 10 am to 5:0 pm only for gold traders and jewellers. However, the fair is off limit for general people as no buy or sale activities are allowed there.
The similar fair was also opened in Chattogram on Sunday while it will be held in all other divisional cities on June 24 and 25.
Our Correspondent from Chattogram reports: A three-day Gold Fair - 2019 was launched at PHP Pelican Mehjabin Bhabon at Agrabad in the port city on Sunday.
Mayor of Chattogram City Corporation (CCC) A J M Nasir Uddin inaugurated the fair as chief guest. He called upon the gold traders to pay the tax for development of the country.
He also urged the government not to impose huge tax on the businessmen and to give them opportunity to continue their business smoothly.
The inaugural function was chaired by G M Abul Kalam Kaikobad, the convenor of the fair committee. Additional Tax Commissioner Mofij Ullah delivered the welcome speech at the function.
NBR member Kalipod Haldar, commissioner of customs and VAT Mohammed Enamul Haque, president of Chattogram Tax Bar Association Advocate Md Jamal Uddin and president of Bajus, Chattogram committee Mrinal Kanti Dhar were, among others, present at the function.