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business

New Budget Proposal Seeks to Lower Gold Jewelry Costs Through Fixed VAT and Reduced Source Tax

The finance minister has proposed a new initiative in the budget to reduce the cost of gold jewelry.

By Staff Correspondent
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New Budget Proposal Seeks to Lower Gold Jewelry Costs Through Fixed VAT and Reduced Source Tax

The finance minister has introduced a new initiative in the budget aimed at reducing the cost of gold jewelry. The proposal includes setting a fixed VAT of Tk 2,500 per bhori of gold, down from the previous rate of over Tk 10,000. Additionally, the source tax on gold jewelry supply may be reduced from 5% to 0.5%. Currently, the price of 22-carat gold jewelry per bhori is Tk 2,18,350.

Key Points of the Proposal

- Fixed VAT of Tk 2,500 per bhori of gold - Potential reduction of source tax from 5% to 0.5% - Current price of 22-carat gold jewelry per bhori is Tk 2,18,350

FAQ

What is the new VAT rate on gold jewelry?
The new VAT rate is fixed at Tk 2,500 per bhori of gold.
How much was the previous VAT on gold jewelry?
The previous VAT was over Tk 10,000 per bhori of gold.

Topics

#budget#VAT#gold jewelry#cost reduction#finance minister

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