They can legalise their smuggled stock of the precious metal by paying Tk1,000 in tax against each bhori
Gold traders have been given an opportunity to whiten their stocks of “black” or untaxed gold from Sunday in exchange for a certain amount of tax.
They can legalise their smuggled stock of the precious metal by paying Tk1,000 in tax against each bhori (11.664 grams).
In case of diamond and silver, the tax is Tk6,000 for each carat and Tk50 for one bhori respectively.
The opportunity comes in the form of a three-day fair organised by Bangladesh Jewellers’ Samity (Bajus) in cooperation with the National Board of Revenue (NBR) starting on Sunday at Hotel Intercontinental.
However, gold traders will be able to pay taxes until June 30.
NBR Chairman Mosharraf Hossain Bhuiyan presided over the opening ceremony of the fair.
The NBR chairman said only registered traders will be allowed to import duty-free gold on the condition that they will export the same amount of ornaments made of that metal.
“Jewellers cannot import jewellery but gold bars. Jewellery products must be made locally,” he said, adding that foreigners will not be allowed in jewellery business in the country.
He further mentioned that the government will give bonded warehouse facilities to local jewellers to help them grow.
While speaking, Dilip Kumar Agarwala, general secretary of Bajus, sought government support for them to play a positive role in strengthening the country’s economic growth.
“If the government gives us subsidiary, we can export jewellery products to earn foreign currency,” he said.