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Gold and silver businessmen have protested in Mahottari against the government's increase in luxury tax on gold, silver and gemstone jewelery in the budget to encourage smuggling and illegal trade.
The Nepal Gold and Silver Traders Association, Mahottari and Mahottari Run and Jewelery Association have started a movement against the 13% value added tax and 2% luxury tax on gold, silver and gemstone jewelry business through the budget.
The businessmen have held a peaceful protest program at Bardibas Integrated Service Center and submitted a memorandum demanding the immediate release of gold and silver business directory to bring uniformity across Nepal. Sudhir Agarwal, Central Vice President of Nepal Gold, Silver, Gems and Jewelery Federation, said that due to the increase in tax, the consumers are affected and organized businessmen are in crisis due to the high cost of jewellery. The government's policy has encouraged smuggling and illegal business, he said, the increased tax will also have a long-term impact on revenue collection.
We have started a movement demanding that the 2 percent luxury tax be abolished, the 13 percent VAT should be reviewed and made business friendly, there should be a system of tax exemption in the guarantee system after purchase, technical training, certification and testing laboratory facilities should be provided, tax rate reduction should be encouraged on traditional handicrafts and long-term policy stability should be ensured, he said.
