Gold businesses get waiver on advance tax

An advance tax waiver has been proposed in the budget for 2022-23 fiscal for private entrepreneurs, who wish to import gold through legal channels adhering to rules and regulations.

Finance minister AHM Mustafa Kamal made the announcement in this regard during the budget speech at Parliament on Thursday.

In his budget speech, the finance minister said that the gold policy-2018, which came into force on 29 October, 2018, was made with a view to increasing government revenue by bringing the gold sector of the country within a regulatory framework.

This has created some private entrepreneurs, who are interested to import gold through the proper channel adhering to government rules and regulations.

“I propose to withdraw advance tax on import of gold with a view to encouraging import of gold through formal channel and discouraging gold smuggling in the country,” he said.

This will hopefully lead to growth of the jewelry industry in the country and increase tax revenue collection, the finance minister added.