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Gold and silver businessmen have objected to the fact that the government has imposed a 2 percent luxury tax on gold and gold jewelry and a 13 percent value added tax (VAT) on diamond and precious stone jewelry through the budget of the next financial year. The Nepal Gold and Silver Business Federation, the Nepal Gold and Silver Gems and Jewelery Federation and the Nepal Handicrafts Federation issued a joint press release on Sunday and expressed their objection.
"Gold and silver jewelry is not a luxury item in Nepal, but it is an integral part of culture, tradition and social customs that is consumed in one way or another from birth to death," the statement said. The gold and silver businessmen who add weight say . They believe that there is a danger of increasing prices in the market and increasing the prices more than the neighboring countries and encouraging illegal transactions.
The budget statement for the financial year 2082/83 has provided for 2 percent luxury tax on gold and gold jewellery. In the budget of the current financial year, 2 percent luxury was charged on gold and gold ornaments, diamonds, etc. above 10 lakh rupees.
Since the return sale guarantee is mandatory in the business of gold and silver and diamond-studded jewelry, they demand that there should be a minimum difference between the selling price and the buying price in order to maintain the market is . But they say that the new tax structure will hinder it .
"When the skyrocketing price of gold has already caused a recession in the gold and silver market, this system of tax increase is sure to create more recession," the statement said, "there is a danger of ruining the employment and livelihood of millions of businessmen, Kaligarh and laborers." "The commitment to provide ``bonded warehouse'' facilities to export-oriented industries and to make a separate arrangement to provide necessary gold and silver in case of 50 percent advance payment is also very positive," the statement said.
