Kathmandu: Leaders of various organizations related to gold and silver enterprises have raised concerns with Prime Minister KP Sharma Oli regarding the proposed two percent luxury tax on gold and silver, set to be implemented in the upcoming fiscal year’s budget.
According to National News Agency Nepal, a delegation met with the Prime Minister at the Office of the Prime Minister and Council of Ministers. The team included Kisan Sunar, President of the Federation of Nepal Gold Silver Gem and Jewellery Associations, Arjun Rasaily, President of the Federation of Nepal Gold and Silver Dealers’ Association, and Suman Man Tamrakar, President of the Nepal Gem and Jewellery Association. They emphasized that the implementation of this tax would severely impact their businesses, potentially leading to collapse.
The organizations warned that they might be forced to initiate protests if the provision is enforced, citing their inability to remain competitive due to higher tax and customs rates compared to neighboring India.
Prime Minister Oli assured the delegation that he would engage with the relevant ministry to address the issues through dialogue and consider their legitimate demands, urging them to refrain from resorting to agitation.