Tariff Commission writes to registered gold dealers to install EFD devices

The Tariff Commission has written to the National Board of Revenue (NBR) to speed up the installation of Electronic Fiscal Devices (EFD) in all registered gold shops or jewelry businesses to prevent price variation.

In this letter, which includes monitoring and recommending various proposals related to customs duties in the budget of the upcoming fiscal year, various budget proposals of the Bangladesh Jewelers Association (BAJUS) have also been observed.

The observation of the commission on EFD is that most of the jewelers do not have EFD and therefore there is variation in the selling price. Prompt supply of EFDs to all registered establishments will increase VAT collection.

The commission recommended rationalization of ore and import duty on raw gold before starting gold refining by setting up its own plants and reduction of import duty on capital equipment used in the jewelry industry.

In the budget, BAJUS proposed to reduce customs duty on unrefined gold ore from 5 percent to 1 percent and customs duty on partially refined gold to 5 percent from 10 percent.