KATHMANDU: Gold and silver traders have once again taken to the streets, demanding the government roll back what they call an “unjust and impractical” luxury tax imposed on jewelry in the new budget.
The Nepal Gold and Silver Dealers and Artisans Struggle Committee resumed protests in Kathmandu’s New Road area on Friday, claiming that the recently announced 2% luxury tax on gold ornaments has pushed the industry into deeper crisis.
Although the committee had temporarily halted its street demonstrations, it has now revived them, citing the government’s lack of seriousness in addressing their demands.
Committee coordinator Bipendra Ramudamu said traders are also demanding the removal of the proposed 13% value-added tax (VAT) on precious stones and diamonds used in jewellery.
They have further called for the scrapping of the current quota system on gold imports, which they argue has made their businesses unsustainable.
“If these taxes and restrictions are implemented, our industry will collapse,” Ramudamu warned, emphasizing that the struggle will continue until the government withdraws the contentious provisions.
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