KATHMANDU, June 17: The Federation of Nepal Gold Silver, Gem and Jewelry Associations has urged the government to review the decision to impose value-added tax (VAT) on diamonds and gems and luxury tax on gold.
At a news conference on Monday, the Federation feared that such taxes could impact the business too, while some of the businesses could even be forced to shut down.
Gold and silver traders protest demanding tax repeal (Photo Fea...
The government has announced that it will impose VAT on diamonds and precious stones and a two per cent luxury tax on gold items.
Federation Chair Sumanman Tamrakar argued that the new provision of VAT and tax could not only impact 25,000 businesspeople with Rs 350 billion of investment but also the craftsmen and their dependents.
The Federation has claimed that the business contributes some Rs 20 billion in revenue collection annually.
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