Kathmandu. The government has imposed 2 percent luxury tax on gold through the Finance Act 2082 BS. Gold traders have come out on the streets after the government imposed luxury tax.
Traders have estimated that nepal’s gold will become expensive and gold ornaments will be stolen from India if the government imposes 2 percent luxury tax. The gold traders are apprehensive that they will have to pay the luxury tax even if they give it to the gold factory for construction instead of their own factory.
The gold traders have already met Finance Minister Bishnu Prasad Poudel and Prime Minister KP Sharma Oli to remove the luxury tax on gold.
They have started protesting on the streets as the demands of the gold sellers have not been met. However, the 2 per cent tax has raised serious questions as to why the businessmen have to agitate. For example, if a customer buys gold worth Rs 4 00,000 after the 2 per cent increase in tax, he will have to pay Rs 8,000. This amount is the fee that the customer pays. It is not a matter for shops or businessmen to pay. Currently, only 10 percent customs duty is levied on gold imports. There is no VAT on gold. However, vat has been imposed on diamonds and pearls from this year.
Nepal Rastra Bank (NRB) has given the right to commercial banks to purchase gold without increasing by 20 kg per day. On the recommendation of the Gold and Silver Dealers Association, the banks sell gold to the shopkeepers. However, it has been alleged that the Association of Gold and Silver Entrepreneurs has set up a separate wholesale for the purchase of gold from commercial banks before going to the gold sellers.
A source told Singha Durbar, “The Federation of Businessmen has set up a wholesaler in the middle of the gold, which charges Rs 2,000-3,000 per tola. ”
Now such wholesalers are not able to take commission after the luxury fee. Similarly, earlier, there was a provision of levying fee on gold only for transactions above Rs 1 million. However, the Ministry of Finance has started imposing a bill fee on all types of gold after the businessmen started issuing bills of less than Rs 1 million.
An employee of the Inland Revenue Tax Office said, “The precious fee was included in the transaction above Rs 1 million in gold. But it didn’t become such a bill. Because you do not have to pay 2 percent tax on small bills. ”
At present, gold sellers submit details to the tax office once a year. An official of the revenue administration added, “Gold sellers show a turnover of Rs 253 million annually and pay only a small amount of income tax by deducting expenses. Now you have to submit the details every month. This is also likely to reveal the details of the gold imported through smuggling. That is why businessmen are agitating. ”
Now 2 percent tax is levied on the total transactions of gold sellers. The tax collected in this way should be paid by submitting the details by the 25th of every month. The gold sellers who are working only once a year will have to submit the details every month to carry out the business throughout the year.
In this way, by submitting the details every month, it can be easily known how much gold the gold shop bought and how much gold is in stock. Not only this, there has been a big controversy over the wage of gold sellers. It has been alleged that the shopkeepers charge high fees from the customers only on the wages and wages of gold.
Similarly, it is understood that it will be difficult for gold sellers to manage illegal gold transactions. Nepal is a fertile country for gold smugglers. Big gold smuggling cases are taking place in the country.
International agency interest
International agencies are pressuring the government to increase taxes on gold and conduct transparent transactions. The Financial Action Task Force (FATF) has also placed Nepal in the ‘grey’ list. Management of black money
The safest item is gold. Foreigners to charge luxury fees on gold
Sources in the Finance Ministry say that the agencies have given pressure. The International Monetary Fund (IMF) is pushing for transparent transactions in gold.
Wish fee not refunded
An official of the Ministry of Finance said that there can be no reconsideration of the bill fee on gold. The employee said, “There will be no rethink in removing the luxury fee on gold. This has not been included in the Finance Act in a hurry. The law has been implemented only after understanding all the issues. This fee is not refunded. According to the employee, the 2 percent luxury fee will not make a big difference in the price of gold ornaments.
The employee added, “The minister is reaching the Prime Minister to refund the fees to the gold traders. Now we will also formulate a procedure on the sale of gold, after the formulation of this procedure, their crying will increase further. ”
2% luxury tax levied on hotel liquor and expensive gold, 15% interest on non-payment
प्रतिक्रिया दिनुहोस्