Deputy Prime Minister and Finance Minister Bishnu Prasad Paudel has clarified that the luxury tax imposed on gold trade is not new but has been applied for some time with a threshold recently raised to Rs. 10 lakh. He emphasized the need for transparency in gold trading to meet international commitments against money laundering and terrorism financing.
Finance Minister Paudel Explains Luxury Tax on Gold Trade Amid Transparency Push
Deputy Prime Minister and Finance Minister Bishnu Prasad Paudel clarified that the luxury tax on gold trading was introduced to ensure transparency in the sector. Speaking at the National Assembly meeting on Wednesday while responding to questions on the Appropriation Bill, Minister Paudel said the tax is not a new imposition; instead, the tax threshold has been increased to apply only for transactions above Rs. 10 lakh.
Minister Paudel highlighted the importance of making gold trading transparent to comply with international commitments against money laundering and terrorism financing. He stated that improving transparency in the gold business is essential for Nepal to exit the grey list.
This article was originally published on bajarkochirfar.com. Translated with the help of AI and reviewed by our editorial team.
