The attention of the chamber is also drawn to review the VAT levied on stones including diamonds
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The Nepal Chamber of Commerce has drawn the attention of Finance Minister Bishnu Prasad Paudel to review the taxes imposed on luxury and value added tax (VAT) through the budget of the financial year 2082/083.
The Chamber drew the attention of Finance Minister Paudel to review the 2 percent luxury tax on gold and the 13 percent value added tax (VAT) on precious stones including diamonds as they are impractical and have a serious impact on consumers.
Chamber president Kamlesh Kumar Aggarwal's office-bearer team told Finance Minister Paudel at Singhdarbar that the luxury tax and VAT review provisions mentioned in the budget will be adverse to the current economic situation.
President Agarwal drew the attention of Finance Minister Paudel to review the government's decision as the gold, silver and gem jewelery business cannot be operated due to the government's tax policy.
During the meeting with the Chamber officials, Finance Minister Paudel promised to take the suggestions given by the Chamber of Commerce seriously. He said that the problem will be resolved by discussing with the relevant agencies.
