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Jewelers Samity demands cut in VAT

  • Published at 10:18 pm December 3rd, 2019
Gold Ornaments
Photo shows gold ornaments displayed at a jewelry shop Mehedi Hasan/Dhaka Tribune

Dilip Kumar Agarwala, the general secretary at the Bangladesh Jewelers Samity, came up with the demand at a press conference on Monday at a hotel in Dhaka

Bangladesh Jewelers Samity demanded for slashing the value added tax (VAT) on the sale of Jewelry from the existing 5% to 1.5%.

Dilip Kumar Agarwala, the general secretary at the Bangladesh Jewelers Samity, came up with the demand at a press conference on Monday at a hotel in Dhaka.  

He also demanded the banning of gold import. 

Dilip Kumar said buyers were now subject to pay a 5% VAT on the value of jewelry. The buyers were not willing to pay that much VAT, he added.

The general secretary of the Jewelers Samity said, “After a long time the government finally formulated a policy and a guideline on gold import. The Bangladesh Bank already issued a circular as per the guideline that includes not only the import of gold bars, but also the import of jewelry.” 

He also said that for the interest of the local entrepreneurs and people engaged in jewelry making, the government should not permit the import of jewelry.

Dilip said, “We hear that many foreign jewelry brands are showing interests to do business in Bangladesh. Allowing foreign brands to enter in the local market would be a great hindrance to the development of local jewelry business.”