Jewellers seek permission to import gold, silver

FE Report

Country's jewellers sought permission from the government to import gold and silver with a view to expanding the jewellery business.

They proposed to allow jewellery businessmen to bring 2 kgs of gold and silver bar (with selling permission) on payment of existing duty as per the baggage rules.   

Bangladesh Jewellers Samity placed the proposal to the National Board of Revenue at a pre- budget meeting on Thursday.

A traveller can bring 200 grams of gold or gold bar or silver. He or she has to pay a duty Tk 150 for each bhori (11.664 gram) of gold and Tk 6 for each bhori (11.664 gram) of silver, as per the existing baggage rules

Besides, a traveller can bring not more than 200 grams of gold or silver ornaments without paying any duty, as per baggage rules.

They proposed reduction of VAT (Value Added Tax) on total sale of gold to 1.5 per cent from of the existing 2.0 per cent in the upcoming national budget.

They also proposed that a gold policy should be formulated like that of the neighbouring countries - India, Pakistan, Sri Lanka and Nepal. Earlier,the commerce minister pledged to formulate the gold policy but it is yet to be materialised.

Regarding diamond, the jewellers proposed fixation of 15 per cent duty and tax on total polished diamond import waiving the existing 154.74 per cent in the upcoming budget.

They further proposed fixation of 10 per cent duty and tax on total uncut diamond import waiving the existing 92.3 per cent.