Smuggling of gold has not decreased despite allowing its import legally, NBR Chairman Abu Hena Rahmatul Muneem said on Saturday.
The head of National Board of Revenue (NBR) said this while addressing as the chief guest 13th round lottery draw at the conference room of NBR building in the city on Saturday.
He said the government has formulated a policy to encourage gold imports in the country through legal channels.
Despite that move, smuggling increased which seems very difficult to stop, he pointed out.
He said the government is working to restore stability in the country’s gold market to minimize smuggling.
“Gold is used not only to evade revenue but also for illegal transactions. I don’t know whether the gold smuggling can be stopped completely. Because gold is smuggled in many ways all over the world, this is the reality,” Muneem said.
“Even then we are trying to figure out how to prevent smuggling. Measures will be taken in the next budget to facilitate gold imports,” he added.
He said, “There is dissatisfaction with the VAT machine EFD. The price of the product should be determined by including the price of VAT. Consumers are discouraged when it comes to collecting VAT separately.
Source: United News of Bangladesh