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Bangladesh Jewellers Samity proposes VAT and import duty cuts to revive the jewellery industry

Bangladesh Jewellers Samity (BAJUS) has called for cuts in value-added tax (VAT) and import duty on gold, silver and diamond ornaments to boost the country's struggling jewellery industry. The group also requested the import duty on unrefined gold ore be lowered to 1% from 5% to deter gold smuggling and protect foreign exchange reserves. BAJUS presented 12 proposals, including the distribution of Electronic Fiscal Devices in all registered jewellery institutions, in the national budget for the upcoming fiscal year 2023-24. The group also called for a 10-year tax holiday for the gold refinery or refining industry.

Courtesy : The Financial Express

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