The National Board of Revenue received around Tk 150 crore in tax from jewellers who paid the amount by legalising undisclosed gold, diamonds and silver in the country’s first ever three-day gold fair that ended on Tuesday.
NBR chairman Md Mosharraf Hossain Bhuiyan, at the closing ceremony of the fair, expressed hope that the tax collection would exceed Tk 300 crore by June 30, the last day of legalising undisclosed stocks of gold, diamond and silver by paying specific amount of taxes.
The revenue board, however, expects that it would collect Tk 400 crore from the scheme.
The NBR in association with the Bangladesh Jewllers Samity (BAJUS) arranged the fair at the InterContinental Dhaka in the capital.
Income tax wing of the NBR on May 23 issued a gazette notification saying that jewellers and othergold traders would be able to legalise their undisclosed stocks of gold and other precious metals in their possession by June 30 by paying Tk 1,000 for a bhori of gold and gold ornaments and Tk 6,000 for a carat of cut and polished diamond and Tk 50 for a bhori of silver.
Jewellers will also have to make declaration of their regular stocks of gold and other precious metals by the time frame as undisclosed gold, diamonds and silver will become illegal after the deadline.
Bajus general secretary Dilip Kumar Agarwal said that around 1,200 jewellers and traders availed themselves of the opportunity and paid Tk 122 crore in tax for legalising precious metals at the fair venue in Dhaka.
Of the precious metals legalised, around 80 per cent are gold and gold ornaments, he said.
Amin Jewellers, one of the largest jewellers in the country, is yet to receive the scope as it may make the declaration at the NBR’s field office, NBR officials said.
Traders will have to complete the declaration by payment of tax by June 30 to secure their stocks, they said.
The fair venue in Dhaka remained open until 10:00pm on Tuesday due to rush of jewellers and traders at the venue to legalise their precious metals, they said.
At the programme, Agarwal demanded extension of the deadline by 10 days from existing June 30 so that all traders could receive the scope.
He also demanded reduction of VAT to 2 per cent from 5 per cent proposed in the budget for the fiscal year of 2019-20 and setting up a special economic zone and a training institute for the sector.
Speaking as the chief guest at the programme, commerce minister Tipu Munshi said that they would talk about reduction in VAT rate for the sector with the government high-ups.
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