Kathmandu. Kathmandu: Talks are to be held between the agitating gold and silver traders and the government. Representatives of the Ministry of Finance and representatives of gold and silver traders are scheduled to hold talks on Friday.
For the talks, the Ministry of Finance has put a condition that the movement should be stopped. The Finance Bill 2082 BS has imposed 2 per cent luxury tax on gold and gold ornaments and 13 per cent VAT on diamonds and precious stones.
The entrepreneurs have demanded the removal of both the provisions. However, it has been confirmed that the 2 percent luxury tax will not be removed. According to ministry sources, preparations are being made to address the legitimate demands of the entrepreneurs through the working procedure prepared by the Inland Revenue Department.
According to the Finance Act 2081 BS, gold and silver transactions above Rs 1 million have been taxed at 2 per cent. However, after collecting only Rs 2.8 million in taxes from the gold shops of New Road in a financial year, the tax rate has been fixed in full in the Financial Act 2082.
Revenue Secretary Dinesh Ghimire and Finance Minister Bishnu Prasad Poudel have said that the 2 percent luxury fee has been imposed to bring transparency in the gold and silver business. Ministry sources said, “The Ministry of Finance has analysed the transaction details of the main gold traders after the gold and silver traders started agitating a lot. This is not a real transaction. ”
The gold and silver traders also staged a demonstration in Kathmandu on Friday.
On Friday, the entrepreneurs staged a demonstration at Maitighar Mandala in Kathmandu. They have demanded that the customs duty on gold should be fixed at 6 percent, a clear policy for the transaction of gold and silver, regulations should be framed, two percent luxury tax imposed on gold and gold ornaments, and 13 percent VAT on diamonds and precious stones should be abolished.
They are protesting with placards and slogans including our sweat, our identity, gold and silver business, our respect.
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