Kathmandu. The Finance Act 2082 has declared luxury tax on gold, five-star hotels and foreign liquor. The Finance Act 2082 has been brought with a tax of 2 percent on the sale price.
The Act directly imposes a 2 per cent tax on the sale of gold ornaments. For example, if a person named ‘A’ buys gold worth Rs 100,000, he will now have to pay Rs 2,000 at the rate of 2 per cent on that price.
However, the Federation of Nepal Gold and Silver Dealers’ Association (FNCCI) has protested against the hike in gold tariff.
According to the Federation, gold jewellery will be imported from India as the luxury duty on gold ornaments will make it cheaper in India than nepal’s jewelry. Earlier, the government had capped the 20 per cent customs duty on gold to 10 per cent.
Similarly, industries exporting gold ornaments have been allowed to import gold. According to the budget statement for 2082, “The industries exporting gold and silver ornaments will be provided with bonded warehouse facility and 50 percent of the foreign currency gold and silver jewelry exported by the industries exporting abroad will be allowed to import gold and silver.” “It is mentioned.
Now the industries exporting gold and silver ornaments abroad will be able to buy gold at 50 percent of the export price. At present, the government has given gold transactions to commercial banks. Nepal Rastra Bank (NRB) has allowed commercial banks to purchase 20 kg of gold per day.
The government is going to allow industries to buy gold by making new arrangements.
The government, which allowed the import of gold and silver to industrialists, has increased the tax on the sale of gold and silver by 2 percent. Similarly, service of five-star hotels and foreign liquor will also be charged.
Luxury taxes to be paid in this way
Tax will have to be collected at the time of sale in five-star hotels and gold and submitted to the tax office. However, the tax on foreign liquor will be collected at the customs point. The tax collected from the sale of five-star hotels and gold will have to be deposited in the revenue account by the 25th of next month and the details will have to be submitted to the tax office.
If a taxpayer is found to have committed luxury fraud, the tax officer can determine the tax. While determining the luxury fee, the tax officer has to give 15 days time to the concerned person to submit his explanation.
An interest rate of 15 per cent per annum will be levied on the waki luxury fee to be filed in case the luxury fee is not filed or less.
Such is the law
प्रतिक्रिया दिनुहोस्