Gold, silver traders resume their protest

KATHMANDU: Gold and silver traders have resumed their protests, demanding the withdrawal of the luxury tax imposed on gold and silver jewellery.

Stating that the newly introduced and unnecessary luxury tax has pushed the jewellery business into a deeper crisis, they have shut down their shops and taken to the streets once again.

While the traders had temporarily suspended their demonstrations earlier, the Nepal Gold and Silver Dealers and Artisans Struggle Committee resumed protests on Friday, accusing the government of failing to take their demands seriously.

They demonstrated in the New Road area of Kathmandu on Friday.

Traders have been arguing that the 2% luxury tax on gold introduced in the budget is impractical and must be scrapped. It has also called for the scrapping of the 13% value-added tax (VAT) on precious stones and diamonds used in gold jewellery.

Bipendra Ramdam, the coordinator of the ongoing protest, said they have also been demanding the abolition of the quota system on gold imports. He added that the current tax regime would affect their business.