The government has proposed the withdrawal of a 5 per cent advance tax on the import of gold in the upcoming fiscal year 2022-23.
The move aims to encourage the import of the precious metal through legal channels and deter gold smuggling in Bangladesh, reports bdnews24.com.
“This will hopefully lead to much growth of the jewellery industry in the country and increase tax revenue collection,” Finance Minister AHM Mustafa Kamal said in his budget speech on Thursday.
The Gold Policy-2018, which came into effect on Oct 29, 2018, was drafted with a view to increasing government revenues by bringing the gold sector within a regulatory framework.
This has facilitated the emergence of private entrepreneurs, who are interested in importing gold through the proper channel by adhering to government rules and regulations, the minister said.
“This will hopefully lead to much growth of the jewellery industry in the country and increase tax revenue collection.”
