• Wednesday, Aug 04, 2021
  • Last Update : 05:51 pm

Gold import cost to come down

  • Published at 07:32 pm June 13th, 2019
web-gold shop
File photo of jewelry shop in Dhaka Mehedi Hasan/Dhaka Tribune

The annual demand for gold in Bangladesh is between 20-40 tons

The government has proposed to reduce the specific duty on import of gold to facilitate travellers bring in gold bars, and jewellery through the appropriate channel.

According to the budget speech for fiscal year 2019-20, a passenger will be able to bring 11.664 gm (one Bhori or tola) of gold, after paying duty charges proposed at Tk2000 from existing Tk3000 for both unwrought, and semi manufactured gold.

For import of gold bar (up to 234gm), the price has been proposed to be down from Tk3000 to Tk2000 as well.

The annual demand for gold in Bangladesh is between 20-40 tons. 

Almost 80% of this demand is met with smuggled gold, as traders faced difficulties importing the precious metal, due to complex procedures laid out in Gold Policy 2018, which was cleared by the government in October, 2018.

In a notification on May 28 earlier this year, the National Board of Revenue (NBR) said that if any trader wants to disclose their undeclared stock of gold, they will have to pay Tk1,000 per bhori (11.664 grams).

In the case of cut and polished diamonds, the tax will be Tk6,000 per carat.

The authorities also fixed the tax for silver at Tk50 per bhori.

The old offer will stay valid until Jun 30, 2019.

Read the full budget speech for FY20 here.

107
Facebook 100
blogger sharing button blogger
buffer sharing button buffer
diaspora sharing button diaspora
digg sharing button digg
douban sharing button douban
email sharing button email
evernote sharing button evernote
flipboard sharing button flipboard
pocket sharing button getpocket
github sharing button github
gmail sharing button gmail
googlebookmarks sharing button googlebookmarks
hackernews sharing button hackernews
instapaper sharing button instapaper
line sharing button line
linkedin sharing button linkedin
livejournal sharing button livejournal
mailru sharing button mailru
medium sharing button medium
meneame sharing button meneame
messenger sharing button messenger
odnoklassniki sharing button odnoklassniki
pinterest sharing button pinterest
print sharing button print
qzone sharing button qzone
reddit sharing button reddit
refind sharing button refind
renren sharing button renren
skype sharing button skype
snapchat sharing button snapchat
surfingbird sharing button surfingbird
telegram sharing button telegram
tumblr sharing button tumblr
twitter sharing button twitter
vk sharing button vk
wechat sharing button wechat
weibo sharing button weibo
whatsapp sharing button whatsapp
wordpress sharing button wordpress
xing sharing button xing
yahoomail sharing button yahoomail