2024-04-03 12:10:36
Bangladesh Jewelers Association (BAJUS) has proposed 15 points for the budget of the next financial year 2024-25. On Wednesday (April 3) in Bashundhara City of the capital, these proposals were presented by the organization.
In the press conference Bajus General Secretary Badal Chandra Roy, Advisor Ruhul Amin Russell, Vice President Masudur Rahman, Chairman and Executive Member of Bajus Standing Committee on Tariff and Taxation Anwar Hossain, Member Secretary and Executive Member of Bajus Standing Committee on Tariff and Taxation Pawan Kumar Agarwala, Bajus Standing Committee on Research and Development Member Secretary Tasnim Naz Mona was present.
In a written statement, Bajus said, Bajus is trying to be a part of the success of the government. But, very regrettably, even after 3 years the revision of ‘Gold Policy-2018’ related to jewelery industry has not been implemented. Although the government has repeatedly spoken of encouraging the manufacture and export of gold bars, coins and gold ornaments through legal means, the burden of unequal duty rates has been imposed on the import of raw materials and machinery related to this sector. Also, there is a 5 percent VAT on local industries and unplanned source tax burden is imposed on entrepreneurs. However, this sector could have been one of the most trusted sectors of the government to generate export income and revenue.
Bajus further informed that unplanned import duty-tax rates, duty-tax rebates and structural tariffs and indifference of concerned government departments to formulate industry-friendly policies have set back the jewelery industry. As a result, the Tk 2 lakh crore local gold market is not able to contribute successfully to the development of the country’s economy.
Taking these issues into consideration, Bajus is presenting 15 proposals for inclusion in the national budget for the next fiscal year 2024-25. Among the proposals are – reduction of VAT rate on sale of gold and silver jewellery, installation of EFD machines in all jewelery businesses, import duty, reduction of duty rate for VAT compliant industries, reduction of duty rate on diamond cutting, tax holiday for 10 years in gold refining industry, gold Exemption of customs duty on imported raw materials and machinery for manufacture of ornaments, exemption from tax at source, amendment of baggage rules to stop bringing of gold bars by tourists, 50 percent financial incentive on legitimate export of gold bars-ornamental-coins, harmonization of tariff rates with neighboring countries , giving 25 percent of the recovered gold as rewards to the members of the salvage organizations.