Gold prices to increase under new rules

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06 Feb 2021, 21:00

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The leaders of Bangladesh Jewelers Association (BAJUS) have discussed primarily over the process of fixing the prices of gold ornaments including Value Added Tax (VAT) and making charge to stop harassment of dishonest VAT officials and to bring transparency in gold business. If the prices implemented including VAT and making charge then price of one bhori 22 carat or good quality gold will be around 80 thousand taka.

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At present price of one bhori 22 carat gold ornament is 72 thousand 666 taka. Price of one gram gold is 6 thousand 230 taka. 250 taka will be included as making charge. The price including the making charge will be 6 thousand 480 taka. If 5 per cent VAT is applied then price of each gram gold will stand at 6 thousand 804 taka. In this way price of one bhori gold ornament will be 79 thousand 361 taka.

It is known that to collect VAT National Board of Revenue (NBR) recently has installed Electronic Fiscal Device (EFD) in different jewelers shop in Dhaka. But the machine was not installed in the shops outside Dhaka. If the current rate of gold is applicable in these areas then small businesses will be affected.

In this regard BAJUS president Enamul Haque said, 70 percent businessmen present in the association’s general meeting on Wednesday decided to fix the price including VAT and making charge. But we are still confused.

He also said that the final decision will be taken on February 15 in the meeting of executive working committee members and top businessmen.

BAJUS general secretary Dilip Kumar Agarwala said, we are considering about fixing gold prices including VAT, not including making charge. In this regard we will get suggestions from NBR soon. In this way price of silver will also be adjusted.

On the other hand BAJUS vice-president Dewan Aminul Islam said, currently VAT and making charge are being taken. So if the VAT and making charge are applied then prices of gold ornaments will not increase. Small businesses will not be affected, rather big businesses will be in pressure.

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