SATV 08 July, Kathmandu: Gold and silver traders across the country have shut down operations in protest against the luxury tax imposed through the upcoming fiscal year’s budget.

Traders are demanding the government withdraw the 2 percent luxury tax on gold and the 13 percent value-added tax (VAT) on diamonds and gemstones introduced in the new budget. Despite holding meetings with the Finance Minister and the Prime Minister, their concerns remain unaddressed, prompting them to close their shops and launch protests.

The Federation of Nepal Gold and Silver Dealers’ Association, which is authorized to fix market prices, has also stopped publishing daily rates. The last official price update was released last Thursday.