KATHMANDU, June 1: The government turns flexible on the quota of imported gold by individuals while raising the rate of customs duty on the imported gold jewelry beyond the prescribed limits.
Through the budget 2022/23, the government has allowed individuals to import up to 100 grams of raw gold (gold biscuits). While importing raw gold, individuals need to pay duty of Rs 9,500 per 10 gm if the imported quantity is up to 50 gm. For the next 50 gm, the import tax will be slapped at the rate of Rs 10,500 per 10 gm.
Govt raises Rs 3.75 billion in customs duty from gold import in...
Citing depleting foreign currency reserves, the government in November imposed a ban on import of raw gold. However, the individuals were allowed to import gold jewelries only up to 200 gm by paying customs duty.
In the revised rule, individuals importing gold jewelry do not need to pay duty if the weight of the ornament is up to 50 gm. For any quantity between 50-100 gm, the duty is charged at the rate of Rs 10,000 per 10 gm. As of now, a traveler needs to pay duty of Rs 7,500 per 10 gm for the quantity above 50 gm.
Similarly, gold jewelries weighing above 100 gm will be slapped with the import tax of Rs 12,000 per 10 gm. The migrant workers who worked for successive 12 months on foreign land have been allowed to bring in one 32 inch sized television.
The government collected revenue worth Rs 3.75 billion alone from the duty on gold import during mid-July 2021 and mid-March 2022.
