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Govt’s revenue from gold sales up fourfold for 2017

Govt’s revenue from gold sales up fourfold for 2017

By
On
Mar 06, 2018 - 18:01

KABUL (Pajhwok): The Ministry of Finance (MoF) on Tuesday announced collecting 65 million afghanis (around $1 million) in revenue from trade of gold weighing 1.7 tons in capital Kabul last year.

Habibullah Amin Andar, MoF’s revenue director for the central zone, told Pajhwok Afghan News the ministry’s revenue was collected from different businesses and gold business was very effective.

He said revenue from gold sales in Kabul increased by fourfold last fiscal year (1396). Fiscal year starts from December 22.

“In the past, only 220 goldsmiths would pay taxes, but now 475 pay their taxes,” Anbdar said.

He said jewelers with annual sales above 250,000 afghanis paid 1.5 percent revenue but those earning less than that were exempted from tax.

Andar said sales and purchase bills, the level of shop rent, economic side of the workplace, investment period, primary investment, variety of goods and the number of customers were considered as key factors in determining a goldsmith’s revenue.

However, he said negligence of taxpayers and their low awareness about taxpaying were problems being faced by the revenue collection process.

One of the goldsmiths, Zabihullah Habibi, told Pajhwok that the government should review taxes according to sales and expenses.

“Currently 70 percent of gold selling in Kabul markets is recycled gold and only 30 percent is imported from foreign countries,” he said.

Fawad Ahmad Salehzada, a jeweler in Timor Shahi area of Kabul, said that the amount of tax they paid was high and the government should consider their business conditions.

“We on average earn 2,000 afghanis a day, but this amount cannot meet our spending and tax,” he said.

The MoF and the goldsmith association did not measure gold sales in Kabul, but Pajhwok measurement based on the revenue shows that 1.7 ton of gold was sold in the capital last year.

mds/ma