Dealers, traders and goldsmiths must haveTIN numbers and will have to submit income tax returns regularly
Cutting down income tax to Tk1,000 for a bhori, the government offered jewelers and traders to legalize their gold stocks by June 30, says a gazette notification.
The government issued the gazette on Tuesday, legalizing diamond for paying a Tk6,000 for a carat and Tk50 for a bhori silver.
The gazette will remain effective till June 30 this year.
Typically, gold and the precious metal business are liable to pay income tax between 10 per cent and 30 per cent along with penal tax while disclosing the undeclared gold and diamond, according to National Board of Revenue.
The National Board of Revenue offered the latest the scope to bring discipline in the sector as a large quantity of the precious metals including gold are believed to be remained undeclared in tax returns.
The gazette says that income tax authorities will not ask any question regarding the prices and time the gold, gold ornaments, diamond and silver were obtained.
The NBR made the decision as per a provision of Gold Policy-2018 which says that VAT-registered jewellers, traders and goldsmiths will be allowed to buy gold and ornaments from the authorised dealers approved by Bangladesh Bank.
Jewellers and traders will also have to take licences from deputy commissioners of their respective districts under Gold (Procurement, Storage and Distribution Order) 1987 for carrying out the business.
According to the NBR notification, respective dealers, traders and goldsmiths will have to obtain taxpayers’ identification number and will have to submit income tax returns on regular basis.
They will also have to provide details about the declarations to be made under the gazette notification about the stock of gold and gold ornaments, cut and polished diamond and silver.
Traders and jewellers will also have to make a separate inventory in their business books of records about the precious metals legalised under the notification and will have to submit data related to sales from the inventory and the prices of metals sold with the income tax returns, said the gazette notification signed by NBR chairman Md Mosharraf Hossain Bhuiyan.