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Eyeing to reduce gold import, Finance Minister AHM Mustafa Kamal on Thursday proposed to increase duty-tax of the baggage gold bars or gold pieces on arrival from abroad.
The minister also proposed to amend the existing baggage rules and also incorporating the provision of confiscation of any amount of gold in excess of the declaration or brought concealed by the passenger.
The minister said that currently a passenger can import gold bars or gold pieces weighing 234 grams on arrival from abroad subject to payment of all duties and taxes.
In order to increase the flow of valuable foreign currency in the country, he proposed to curtail the facility and decrease the amount of gold to 117 grams instead of existing 234 grams.
The minister also said that under baggage rules, a passenger need to pay a total duty of Tk 2,000 for every 11.664 gram of gold bars or gold pieces on arrival from abroad.
“I propose to increase the total duty-tax to TK 4,000 for every 11.664 grams of gold bars or gold pieces,” he mentioned.
