The government has proposed to cut the existing 5% value-added tax (VAT) on the total sales value of gold and gold jewellery, setting the new VAT rate at Tk2,500 per bhori (11.66 grams, a traditional unit of weight for gold).
Due to the increase in gold prices, this VAT is being reduced, likely lowering the cost of buying gold jewellery.
According to the existing 5% VAT, one has to pay Tk10,915 as VAT for per bhori of gold and gold jewellery if per bhori gold is bought at Tk2,18,000 (current price of gold).
According to the new government decision, VAT on gold will be reduced by Tk8,415 per bhori.
FP/MI
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