NBR Chairman Abu Hena Rahmatul Muneem said on Saturday that smuggling of gold has not decreased despite allowing its import legally
The head of the National Board of Revenue (NBR) came up with the statement while addressing as the chief guest 13th round lottery draw at the conference room of the NBR building in the city on Saturday, reports UNB.
He said the government has formulated a policy to encourage gold imports in the country through legal channels.
“Despite that move, smuggling increased which seems very difficult to stop,” he pointed out.
He said the government is working to restore stability in the country’s gold market to minimize smuggling.
"Gold is used not only to evade revenue but also for illegal transactions. I don't know whether the gold smuggling can be stopped completely. Because gold is smuggled in many ways all over the world, this is the reality,” Muneem said.
“Even then we are trying to figure out how to prevent smuggling. Measures will be taken in the next budget to facilitate gold imports,” he added.
He said, "There is dissatisfaction with the VAT machine EFD. The price of the product should be determined by including the price of VAT. Consumers are discouraged when it comes to collecting VAT separately.”