The Bangladesh Jewellers' Association (BAJUS) has demanded a 10-year tax holiday for the country’s gold refinery industry.
They have also proposed the installation of Electronic Fiscal Device (EFD) machines at around 40,000 jewelry shops across the country.
The Association submitted the proposal during a pre-budget meeting for the next fiscal year (FY25) held at NBR Bhaban in the capital's Agargaon area with it Chairman Abu Hena Md Rahmatul Muneem in the chair.
BAJUS General Secretary Badal Chandra Roy stated that the installation of EFD machines at 40,000 jewelry shops would not only increase government revenue but also bring balance to the business operations, reports The Daily Sun.
Badal also demanded for fixing 3 percent VAT on gold, providing tax exemption related to jewelry, reducing customs duty on non-refined and partially refined gold as well as amending the gold policy to stop bringing of gold bars by the tourists, making carrying of tax free golden jewelry to 50 grams from 100 grams, providing the passengers with the facilities of baggage rule.
In separate meeting, Bangladesh Bread, Biscuit and Confectionary Manufacturing Association urged the NBR to include the confectionary items into the list of exemption under the section 26 of the VAT Act.
Besides, the e-CAB proposed for reducing the minimum tax at 0.1 percent from 0.6 percent on the e-commerce firms.
In response, the NBR chairman asked the revenue board officials to look into whether these 40,000 jewelry shops submit income tax returns properly.
He also informed that the jewelry and e-commerce sector are also being provided with various facilities.
Bd-pratidin English/Lutful Hoque
