BAJUS seeks 10-year tax holiday in gold refinery industry

Bangladesh Jeweller's Association (BAJUS) demanded for providing a 10-year tax holiday in the gold refinery industry.

They also proposed installing Electronic Fiscal Device (EFD) machines at some 40,000 jewelry shops across the country.

The Association submitted the proposal at a pre-budget meeting for the next fiscal year (FY25) held at the NBR Bhaban in the capital's Agargaon area.

NBR Chairman Abu Hena Md Rahmatul Muneem presided over the meeting.

BAJUS general secretary Badal Chandra Roy said that if EFD machines are installed at 40,000 jewelry shops, the revenue of the government would increase side by side balance would be brought into the business.

Badal also demanded 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 tourists, making carrying of tax-free golden jewelry to 50 grams from 100 grams, providing the passengers with the facilities of baggage rule.

In a separate meeting, Bangladesh Bread, Biscuit and Confectionary Manufacturing Association urged the NBR to include the confectionary items into the list of exemptions under section 26 of the VAT Act. Besides, the e-CAB proposed reducing the minimum tax to 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.