Photo : Collected
Bangladesh Jeweller’s Association (BAJUS) has raised a 15-point demand, including the withdrawal of tax at source and reduction in VAT from 5 per cent to 3 per cent for the jewellery sector in the budget for the 2024-25 fiscal year.
Anwar Hossain, chairman and executive member of BAJUS standing committee on tariff and taxation, raised the demands at a pre-budget press conference at the BAJUS office at Bashundhara City Shopping Complex in the capital on Wednesday.
He read out a written statement, saying BAJUS is trying to be a part of the government’s success journey but the Gold Policy 2018, which was revised in 2021, has not been implemented even after three years.
Inequal tariff structure, delays in the import of primary raw materials and machinery, additional duties, and lack of proper policies have pushed the jewellery sector backwards, he said.
Although the government has repeatedly said it will encourage the manufacturing and export of gold bars, coins, and ornaments through legal means, unequal duty has been imposed on the import of raw materials and machinery in this sector, said Anwar.
Also, there is a 5 per cent VAT on local industries and unplanned source tax has been imposed on entrepreneurs. But this sector could have been one of the most reliable ones for the government to generate export income, he said.
Unplanned import duty as well as the indifference to formulating industry-friendly policies have set the jewellery industry back. As a result, the local gold market of Tk 2 lakh crore is unable to contribute to the development of the economy, Anwar explained.
BAJUS General Secretary Badal Chandra Roy, Advisor Ruhul Amin Russell, Vice President Masudur Rahman, Member Secretary and Executive Member of BAJUS standing committee on tariff and taxation Paban Kumar Agarwal, and Member Secretary of BAJUS Standing Committee on Research and Development were present at the press conference.
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