Gold and silver traders have resumed street protests in Kathmandu, saying the new tax rules announced in the national budget are putting their businesses at risk. they believe the government’s decision is unfair and harmful to the jewelry sector.
Where are the protests happening?
The protests are taking place in the New Road area of Kathmandu. the Nepal Gold and Silver Dealers and Artisans Struggle Committee led the demonstration on Friday, claiming their earlier concerns were ignored.
What taxes are they against?
Traders are mainly protesting a new 2% luxury tax on gold ornaments. they are also strongly opposing a proposed 13% VAT on diamonds and other precious stones used in jewelry.
What other demands are traders making?
The traders are calling for the end of the gold import quota system. they say the current restrictions make it hard for them to run their businesses and meet customer needs.
What is the risk to the jewelry industry?
Committee coordinator Bipendra Ramudamu warned that if these taxes and rules remain, the jewelry industry could collapse. he said their protest movement will continue until the government listens and removes the harmful policies.
