Sunday, June 23, 2024


Dhaka Tribune

Fair for legalizing gold

The National Board of Revenue (NBR) bagged nearly Tk26crore in taxes from about 30 jewelers in the first day of the fair

Update : 23 Jun 2019, 10:20 PM

The three-day gold fair beginning in the capital yesterday attracted large gold-traders. The fair was organized to legalize undeclared gold paying  Tk 1,000 for per bhori in taxes.

The National Board of Revenue (NBR) bagged nearly Tk26crore in taxes from about 30 jewelers in the first day of the fair, said an NBR senior official.

Tax officials said big  gold traders are more interested in the fair and some of them legalized gold, with paying taxes.

Apon Jewelers, a renowned gold trader with countrywide branch network,  paid Tk17crore against their undeclared gold at the fair, it was learnt.

Small jewellers were seen to visit the fair and enquired the procedures to legalise their holdings of gold.

The NBR and Bangladesh Jewellers Samity (BAJUS) jointly  organized  the ‘Gold Fair’ in the capital and seven other divisional cities across the country, giving opportunity to gold traders for legalizing their undisclosed stocks of gold with paying Tk1,000 per bhori.

Apart from gold, the traders can legalize the untaxed diamond for paying a Tk6,000 for a carat and Tk50 for a bhori silver.

Starting yesterday, the fairs were held in Dhaka and Chittagong. The gold fairs in Dhaka and Chiitagong will  continue till June 25, while the fairs in other divisions end today (Monday).

NBR chairman Md Mosharraf Hossain Bhuiyan inaugurated the three-day fair at Hotel Intercontinental , while BAJUS president Ganga Charan Malakar and the General Secretary Dilip Kumar Agarwala were present,  among others.

20 booths including outlets of 9 tax zones, banks and VAT online project took part the fair. 

Though the name of the fair is “Gold Fair,” there was no exhibition of gold and ornaments, indeed.

The traders came to the fair and paid tax after filling up forms, mentioning their disclosed stocks, undisclosed stocks and payable taxes.

BAJUS General Secretary Agarwala said gold business would be free from any and mistrust following the legalizing facility.

He hoped all the traders will take the opportunity through making declarations and paying taxes.

NBR chairman, in his speech, urged the traders to legalize all of their stocks of gold and precious metal at the gold fair.

“This is the first time we are offering legalizing facility to bring the discipline in the sector as we noticed there are huge amount of undisclosed gold in the country,” he said, adding that the government might not give such an opportunity further.

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