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Gold June 10, 2019 10:30:59 AM

National Board of Revenue Decides to Cut Tax on Legal Gold Imports

Paul Ploumis
ScrapMonster Author
Currently the gold industry in the country is heavily dependent on illegal supply of gold including smuggled gold from other countries.

National Board of Revenue Decides to Cut Tax on Legal Gold Imports

SEATTLE (Scrap Monster): The National Board of Revenue (NBR) in Bangladesh announced its plans to reduce tax on gold brought into the country through legal route. The move is aimed at ensuring availability of gold in the country and curbing gold smuggling activities. Accordingly, the government has decided to announce relaxation in baggage rules to allow passengers to bring in gold through official channel.

As per the press release issued by NBR, it will allow international passengers to bring gold and gold ornaments up to 20 bhari (234 grams) by paying tax of Tk 1,000 per bhari along with 100 gram gold and gold ornaments without paying any tax. Currently, passengers need to pay Tk 3,000 per bhari for gold and gold ornaments up to 20 bhari along with 100 grams without paying tax.

The move is likely to boost Bangladesh’s supply of gold in legal way. Currently the gold industry in the country is heavily dependent on illegal supply of gold including smuggled gold from other countries.

Also, the NBR will organize gold fairs across the country to encourage jewelers and traders to legalize their undeclared stocks of gold and other precious metals such as silver and diamond. Through these fairs, which will be organized at eight selected cities, traders, jewelers and dealers would be allowed to legalize their gold stocks by paying taxes at prescribed rates. NBR expects receipts of around Tk 400 crore from the move.

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