Govt for thriving gold jewellery industry

Once home for pretty attractive gold ornaments, the government is now offering incentives to develop Bangladesh’s local jewellery industry.

Finance minister AHM Mustafa Kamal has proposed for withdrawal of Advance Income Tax on pure gold import in his 2022-23 budget proposal, on Thursday.

As a result, gold jewellery will get cheaper.

In his budget speech, the finance minister said the Gold Policy-2018 was made with a view to increase government revenue by bringing the gold jewellery sector of the country within an amicable regulatory framework.

This policy will create some private entrepreneurs who are interested in importing gold within a tax framework, adhering to government rules and regulations.

“I propose to withdraw advance income tax on import of gold with a view to encouraging import of gold through formal channels and discouraging gold smuggling into the country. This will hopefully lead to much growth of the jewellery industry in the country and increase tax revenue collection,” he told the House.

In the budget speech, Kamal said he is also proposing to cut import duty on hearing aids for hearing impaired people from 25 percent to only 5 percent. Also, wheelchairs have been exempted from the existing 15 per cent VAT and 10 per cent AIT. This will make wheelchairs cheaper.

In addition, the proposal for tariff reduction will make water filters, aircraft tires, cashew nuts and pistachio low-priced.