Gold fair will be held across the country

Senior Correspondent,
Photo: Collected

Photo: Collected

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For the first time a three day Gold Fair is going to be held across the country on June 23, 24 and 25 with the object of earning a revenue to the tune of Taka 400 crore as estimated by National Board of Revenue (NBR). The fair will be held in each district, said NBR sources.

NBR and Bangladesh Jewelry Association(BJA) are jointly organizing the fair with the aim of making the illegal gold into legal by paying due taxes to the government.

On Sunday(June9) the BJA secretary Dilip Kumar Azgar has confirmed about holding the fair. He told that, ‘There are 18 enterprises in our association who pay VAT to the government. Of our organization those who have illegal gold they will be able to make their black gold into white by paying taxes to the government.’

Dilip Kumar said that the Government will earn at least Taka 400 crore from the proposed fair. The gold merchants will be able to make illegal gold and gold ornaments legal by paying taxes of Taka 1000 per Tola. Along with gold the merchants will also have opportunities to make illegal cut and polished diamond legal by paying Taka 6000 tax per carrot.

NBR member(Tax) Kanan Kumar Roy told that all the gold merchants of the country are being encouraged to deal legal business through this opportunity given. If any gold businessman does not avail this opportunity then after the cut out date legal action will be taken against them, he said.

It may be mentioned here that on last May 28 NBR published a notification detailing that if any gold merchant or ornament manufacturer has yet to declare his stock his taxes have been reduced to Taka one thousand per Tola and Taka 6000 for cut and polished diamond per carrot and Taka 50 for silver per Tola.

The concerned gold and gold ornament merchant including the diamond merchant must declare their stock and pay due taxes within June 30. This notification will be in force till June 30 of current fiscal year.

Gold, diamond and silver dealing merchants shall have to attach the receipt of tax at the time of submitting of their tax return.

Such businessmen must prepare a new inventory of their gold, gold ornaments, cut and polished diamond and silver stock. While submitting tax return they are to mention in the inventory about the details of sale and stock. After submission of such complete statement Bangladesh Bank will issue license to them by which they will be able to import gold.

Under the notification it has been mentioned that after tax paid for declared stock and sale proceed of gold, ornaments and diamond, the tax authority cannot raise any question.