Gold and Silver Traders Urge Finance Minister to Scrap Luxury Tax and VAT

Gold and silver traders have requested Finance Minister Bishnu Prasad Paudel to withdraw the recently imposed 2% luxury tax on gold and 13% VAT on diamonds and gemstones.

A delegation led by Bipin Ramudam, coordinator of the Nepal Gold and Silver Traders and Artisans Struggle Committee, met with Minister Paudel to express their concerns and submit a formal demand for the removal of the taxes.

In the budget speech for the upcoming fiscal year 2082/83, Finance Minister Paudel announced the imposition of a 2% luxury tax on gold and a 13% value-added tax (VAT) on diamonds and precious stones.

The delegation informed the minister that the announcement has created serious challenges for traders and artisans, warning that the taxes could shrink the market and promote black market activities.

Coordinator Ramudam emphasized that the imposed taxes are negatively impacting small traders and artisans, and urged the government to revoke the decision immediately.