Kathmandu. The Nepal Chamber of Commerce has drawn the attention of Finance Minister Bishnu Prasad Poudel to review the tax imposed on luxury goods and VAT through the budget for the fiscal year 2082/83.
The chamber has drawn the attention of Finance Minister Poudel to review the proposed two percent luxury tax on gold and 13 percent value added tax (VAT) on diamonds and other precious stones as they are impractical and will have a serious impact on consumers.
A team of officials led by Chamber President Kamlesh Kumar Agrawal has told Finance Minister Poudel at Singha Durbar that the luxury tax and VAT review system mentioned in the budget will be counterproductive to the current economic situation.
The government’s tax policy has Chairman Agrawal drew the attention of Finance Minister Poudel to review the government’s decision as the jewelry business cannot be operated and millions of people in this sector will lose their jobs.
During the meeting with the chamber officials, Finance Minister Poudel expressed his commitment to take the suggestions given by the Chamber of Commerce seriously. He said that the problem will be resolved after discussing with the concerned bodies.
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