Gold and Silver Traders Stage Protest Over New Taxes

Gold and silver traders across Nepal closed their shops and took to the streets in protest on Monday. 

The protest was organized by the Federation of Nepal Gold and Silver Dealers’ Association, the Nepal Gold Silver Gem and Jewelry Federation, and the Federation of Handicraft Associations of Nepal.

Along with the traders, goldsmiths and workers from the jewelry industry also joined the rally to support the movement.

The traders are demanding the government to remove the new taxes imposed on gold, silver, gems, and stones. 

Their main demand is to cancel these taxes, which they say will badly affect their business.

In the upcoming budget, the government has introduced a 2% luxury tax on gold and silver jewelry. In addition, a 13% tax has been imposed on gems and precious stones. 

The traders argue that these taxes will harm their industry and increase the burden on customers.