KATHMANDU, June 17: The leaders of associations related to the gold and silver business have drawn the attention of Prime Minister KP Sharma Oli regarding the provision in the upcoming fiscal year's budget to impose a two percent luxury tax on gold and silver transactions.
During a meeting held at the Office of the Prime Minister and Council of Ministers in Singha Durbar, a delegation including Kishan Sunar, President of the Federation of Nepal Gold Silver Gem and Jewellery Association; Arjun Rasailee, President of the Federation Nepal Gold & Silver Dealers Association; and Suman Man Tamrakar, President of the Nepal Gem and Jewellery Association, requested the Prime Minister to reconsider the provision, stating that its implementation would severely impact their businesses.
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The associations warned that, since tax and customs rates in Nepal are higher than those in neighboring India, Nepali businesses are unable to compete. If the provision remains in place, they said, they would be compelled to resort to protest.
Prime Minister Oli, urging them not to take to the streets, assured that he would coordinate with the concerned ministries to find a solution through dialogue and would strive to address their feasible demands.
