Gold traders staged a protest in Kathmandu on Thursday, asserting that gold should not be considered a luxury item.
Jewelers dealing in gold, silver, and diamonds demanded the removal of the luxury tax imposed on gold and the VAT levied on diamonds. They argued that these taxes are unfair and detrimental to their business.
The government recently decided to impose a 2% luxury tax on gold and a 13% VAT on high-value diamonds and gemstones.
Protesting traders claimed that gold is not a luxury item and should not be taxed as such. They also called for the formulation of clear, business-friendly, and consumer-oriented policies, regulations, and guidelines to govern the gold and silver trade.
