Duty tax for every 11.664 grams of gold on arrival from abroad has been doubled in the proposed budget for the fiscal year 2023-24.

Finance Minister AHM Mustafa Kamal announced the proposal for increasing the duty tax to Tk 4,000 instead of existing Tk 2,000 while addressing budget speech in the National Parliament today (Thursday).

According to sub-rule (10) of Rule 3 of the Passenger (Nontourist) Baggage (Import) Rules, 2016, 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, the Finance Minister proposed to curtail the facility and decrease the amount of gold to 117 grams instead of existing 234 grams.

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“Also, I propose to amend the existing baggage rules by incorporating the provision of confiscation of any amount of gold in excess of the declaration or brought concealed by the passenger,” he said.

Under baggage rules, a passenger need to pay a total duty of Taka 2,000/- (two thousand) for every 11.664 grams of gold bars or gold pieces on arrival from abroad, I propose to increase the total duty-tax to Taka.4,000/- (Four Thousand) for every 11.664 grams of gold bars or gold pieces, the Finance minister added.