The prices of gold will make a big jump if Finance Minister AMA Muhith’s budget proposals are passed in parliament.
He slapped Tk 3000 as duty on each ‘bhori’ (11.664 gram) of gold, up from the current Tk 150.
He also proposed a heavy cut on the amount of gold ornaments a passenger coming from abroad can carry _ from 200 grams to 100 grams.
The hike has been proposed in the national budget for FY 2014-15 placed in parliament on Thursday.
Muhith said the proposed hike aims at preventing smuggling of gold from the country.
He mentioned that two big attempts of 106 and 105 kilograms of gold smuggling were thwarted in last March and April at Hazrat Shahjalal International Airport.
Under the present Passenger (non-tourists) Baggage Rule, a passenger can bring up to 200 grams (about 17 tola) of gold ornament as duty-free.
The passenger can bring another 200 grams of gold bar/bullion on payment of Tk. 150 specific duty for each tola (11.664 gram).
He proposed to allow passengers to bring 100 grams of gold ornaments free of taxes under the Passenger Baggage Rules and additional 200 grams on payment of Tk. 3,000 specific duty for each tola of gold bar/bullion.
Source: UNB Connect
