Gold smuggling still a big challenge: NBR
Gold smuggling continues to remain as a big challenge while imports remain lukewarm in spite of all the government policy support to encourage entry of the precious metal through formal channels, said the revenue authority's chief yesterday.
"We frequently seize smuggled gold which shows that there is no decline in smuggling. It has become a big challenge for us," said National Board of Revenue (NBR) Chairman Abu Hena Md Rahmatul Muneem.
His comments come against the backdrop of around 5 kilogrammes of gold being seized by Chattogram Customs Intelligence last week.
Addressing the prize-giving on a lottery of receipts issued by traders using electronic fiscal devices at the NBR, he said gold was not solely related to the domestic industry.
There are many reasons for gold smuggling. It is used for many illegal activities, such as a medium of payment, he said, adding that tax evasion was not the only reason behind the metal being smuggled into the country.
He said he was unsure whether it would be possible to stop gold being smuggled into the country.
"However, we are trying to see whether gold smuggling is taking place for the import duty," he said, adding that the NBR would further examine the duty structure of gold to discourage smuggling.
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