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Gold June 24, 2019 10:30:07 AM

NBR Urges Gold Traders to Legalize Undeclared Stocks

Paul Ploumis
ScrapMonster Author
It ruled out the possibilities of extending the deadline beyond June 30.

NBR Urges Gold Traders to Legalize Undeclared Stocks

SEATTLE (Scrap Monster): The National Board of Revenue- the central authority for tax administration in Bangladesh has urged gold traders and jewelers to legalize undeclared stocks of gold and other precious metals such as silver and diamond before the end of June. It ruled out the possibilities of extending the deadline beyond June 30.

Speaking at the inaugural ceremony of the Gold Fair at the InterContinental Dhaka Hotel, Md Mosharraf Hossain Bhuiyan, Chairman, NBR urged traders to make use of the three-day fair in legalizing their gold stocks. They can legalize their undeclared gold by paying taxes at Tk 1,000 per bhori (equivalent of 11.664 grams) at fairs held at divisional cities. The tax for silver is fixed at Tk 50 per bhori, whereas that of cut and polished diamond is Tk 6,000 per carat. The same can be done via regional tax offices, he said.  

According to Bhuiyan, the government plans to introduce electronic fiscal device all over the country. This is to ensure prompt and proper tax collection. Further, he promised all assistance to lift hand-made jewelry products segment.

Simultaneously, the NBR plans to reduce tax on legal gold imports to the country, as part of efforts to ensure gold’s availability and curb gold smuggling activities. The press release issued by NBR states that international passengers will be allowed 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.

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