Gold and Silver Traders Appeal to PM Against New Luxury Tax

Gold and Silver Traders Urge PM Oli to Remove Luxury Tax

The leaders of Nepal’s gold and silver business associations have urged Prime Minister KP Sharma Oli to reconsider the government’s plan to impose a two percent luxury tax on gold and silver trading in the upcoming fiscal year’s budget.

During a meeting held at the Prime Minister’s Office in Singha Durbar, representatives from three major associations raised their concerns. The delegation included Kisan Sunar, President of the Nepal Gold Silver Gems and Jewellery Association; Arjun Rasaili, President of the Nepal Gold Silver Dealers’ Association; and Sumanman Tamrakar, President of the Nepal Gems and Jewellery Association.

They told the Prime Minister that the proposed tax would badly affect their businesses. According to them, gold and silver businesses in Nepal are already struggling because customs and taxes are higher than those in neighboring India. If this new tax is implemented, they said, they will not be able to compete with Indian traders. The business leaders even warned that they might be forced to launch protests if the government doesn’t reconsider.

In response, Prime Minister Oli assured them that he would talk to the concerned ministries and work to address their demands as much as possible. He also requested them not to take the path of protest and assured that the government prefers dialogue to solve such issues.