The imposition of a 17 percent sales tax on gold jewellery in the minibudget would push the price of the precious metal above Rs150,000 per tola, according to the Pakistan Gems Jewellery Traders and Exporters Association (PGJTEA), which also suggested that the government tax ‘jewellery making’ rather than the final product.
“This 17 percent new tax on gold and silver jewellery is a disastrous decision for the jewellery business,” said PGJTEA chairman Akhtar Tesori.
