Jewellers have expressed their unhappiness over imposition of high tax and VAT on jewellery sales in the proposed national budget for FY 2024-25.
They demanded that the 5 per cent VAT rate imposed on sales of gold ornaments be reduced to 3 per cent, saying that even with the reduction of VAT, the government will be able to earn revenue worth about Tk 10 billion from this sector.
The proposed budget has failed to meet the expectations of the jewellery industry. Although NBR has repeatedly promised to meet the demands of the traders in the pre-budget meetings, but there is no reflection of it in the proposed budget, said leaders of the Bangladesh Jeweller's Association (Bajus) at a press conference in the cityon Sunday.
They also reiterated their 15-point demand they had raised earlier in pre-budget meetings.
Bajus President Sayem Sobhan Anvir, General Secretary Badal Chandra Roy and BAJUS spokesperson Dr Dilip Kumar Roy were present at the conference.
Despite repeated assurances that manufacturing and export of gold bars, coins and gold ornaments through legal channels would be encouraged, unbearable duty rates have been imposed on the import of raw materials and machinery, Bajus said, adding that source tax had also been imposed as a burden for traders.
It also said reducing the customs duty from 5 per cent to 1 per cent would effectively curb gold smuggling activities.
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