To ensure the survival of thier business, jewelers have insisted upon reintroducing 15 percent value added tax (VAT) on only making charge, in place of commission, earnings and the making charge.
MA Wadud Khan, President, Bangladesh Jewelers' Samity (BJS) said, "The present system of VAT for jewelry industry is impractical and complex. This is a service sector and VAT should not be imposed on making charge, commission and profit."
He said the traders want a uniform and simple system that would not be confusing due to various charges, commission and other things.
Rising gold prices in the international market were another major cause for worry and made vulnerable, the very survival of this industry, opined traders.
Traders insist the government provide them gold through banks, as done in India.
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