Move to increase gold trading licence fees

Dhaka,  Sun,  24 September 2017
Published : 15 Aug 2017, 22:29:45

Move to increase gold trading licence fees

Rezaul Karim

The government has taken a move to raise gold trading licence fees by nearly 67 per cent following its sales boom in local markets in recent years, officials said.

People familiar with the ministry concerned told the FE that fee hike in gold trading licences will help contribute to the national exchequer in terms of non-tax revenue.

The hike of trade licence fees will range from 40 per cent to 66.66 per cent for different gold traders, jewellery makers and small gold traders, according to a commerce ministry source.

Gold traders will have to pay a sum of Tk 5,000 to get licences for gold trading. It is now Tk 3,000. Besides, jewellery makers and small gold traders will have to pay Tk 700 as fees for getting trading licences.

"We have taken necessary steps to increase licence fees for large and small gold traders in the country," a deputy secretary of the commerce ministry told the FE.

Required amendments will be made to Gold (Procurement, Storage and Distribution) Order 1987 if needed, he added.

New licence fees for different types of gold traders will take effect as early as possible. To this effect, a circulation is likely to be issued soon, he said, adding that the finance ministry has made suggestions in this regard.

"Existing fees for trade licences are low. It should be increased as a high value product internally," General Secretary of Bangladesh Jewellers Samity (BJS) Dilip Kumar told the FE.

The licence fees should be fixed in line with the turnover of the traders concerned. Gold traders have to renew their licences every year, he said.

Gold prices have increased many times in the country and are still showing an upward trend. But existing licence fees are nominal. It should be fixed at Tk 30,000, an expert said.   

Currently, there are different types of gold traders and jewellers in the country. Jewellers have recently increased the prices of gold following its hike in the international market.
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