Bangladesh Jewellers Association (BAJUS) has proposed a one-time general amnesty to legalise undeclared gold, diamonds and silver through a structured framework in the upcoming budget.
The proposal was submitted to the National Board of Revenue (NBR) on Wednesday as part of recommendations for the 2026–2027 fiscal year.
BAJUS said undisclosed stockpiles could be brought under a legal framework through a one-time amnesty by imposing fixed taxes.
Under the proposal, tax rates have been suggested at Tk1,000 per bhori of gold, Tk4,000 per carat of diamonds, and Tk50 per bhori of silver to legalise undeclared holdings.
The association said the move could bring the sector into the formal economy and help increase revenue collection.
“Several lakh bhori of gold exist in households across Bangladesh as inherited assets, and a significant portion remains undisclosed despite regularly entering the market,” said BAJUS President Enamul Haque Bhuiyan Dolon to TIMES of Bangladesh.
“On average, around 15,000 to 20,000 bhori of gold come to the market daily from these reserves to meet cash needs, which are later refined and turned into ornaments, but there is no systematic way to declare them,” he added.
He said a structured mechanism is needed to allow formal declaration of such gold.
“We have requested the government to introduce a framework for declaration, alongside organising another income tax fair where undisclosed gold can be declared by paying a fixed tax,” he said.
The last such fair was held in 2018, he added.
The proposal noted that prior to 2018, limitations in legal import channels had kept a large part of the jewellery sector within informal structures.
In this context, BAJUS described a one-time amnesty as a timely step to integrate undeclared stock into the mainstream economy.
The association said such a move would enable businesses to access banking and credit facilities, improve transparency, and encourage documentation across the sector.
It also said expanding legal sourcing opportunities could help discourage gold smuggling.
However, the proposal did not specify the total volume of undeclared gold or diamonds, potential revenue gains, or detailed implementation mechanisms.
In the same submission, BAJUS also proposed changes to the tax structure, including reducing the minimum tax from 1 per cent to 0.25 per cent, withdrawing the 5 per cent source tax on supply, and simplifying the VAT system.
The proposal has been presented as an effort to formalise the jewellery sector and ease the tax regime, though its implementation and potential impact may require further review at the policy level.
