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The Financial Express

Jewellers demand cutting VAT on gold, silver to 2.0pc

| Updated: February 26, 2022 17:18:26


FE file photo used for representation FE file photo used for representation

Bangladesh Jewellers Samity (BAJUS) on Thursday proposed cuts in value-added tax (VAT) on gold and silver ornaments from existing 5.0 per cent to 2.0 per cent.

The association also urged the government to lower customs duty (CD) on gold bar from Tk2,000 to Tk1,000 per bhori (11.664 grams).

The proposals were placed at a pre-budget meeting with the National Board of Revenue (NBR) at its headquarters in the city's Segunbagicha.

Presided over by NBR Chairman Abu Hena Md Rahmatul Muneem, the programme was addressed by NBR members Md Masud Sadiq and Zakia Sultana and BAJUS vice president Anwar Hossain, among others.

Mr Anwar said VAT on gold ornaments should be reduced to prevent people from going to India to buy gold products due to 3.0 per cent lower VAT there than in Bangladesh.

Meanwhile, Bangladesh Bread Biscuit and Confecti-onary Prostutkarok Samity proposed to continue VAT exemption on biscuit, bread, buns and cakes produced at manually-run bakeries.

President of the Samity said there are over 5,000 manually-run bakeries and most of the consumers of their products are from low- income families.

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