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Govt tightens baggage rules for gold bar regulations

Industry: Commodity, Consumer & Retail

The government of Bangladesh plans to implement stricter regulations on inbound travelers carrying gold bars to prevent misuse and promote remittance inflow through banking channels. The new budget for the upcoming fiscal year 2023-24 will introduce a provision to confiscate any gold bar weighing more than 150 grams from passengers. Filing tax returns for trust firms will also be made mandatory to curb income tax evasion. These proposals were discussed in a recent meeting chaired by Finance Minister AHM Mustafa Kamal and presented to Prime Minister Sheikh Hasina for approval. The proposed amendment to the baggage rules aims to encourage legal gold imports and prevent gold smuggling. Bangladesh has an annual demand for about 18-36 tonnes of new gold, but there is no accurate data on the actual demand for gold in the country. The submission of returns against the income of the trust is being made mandatory in the next budget to prevent tax evasion and increase government revenue.

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