Finance Minister Paudel explains why the government is charging a luxury tax on gold and silver.

 Kathmandu, July 2 – Deputy Prime Minister and Finance Minister Bishnu Prasad Paudel has said the government’s decision to impose a luxury tax on gold and silver is aimed at getting Nepal off the Financial Action Task Force’s (FATF) grey list.

Responding to questions during discussions on the Appropriation Bill for fiscal year 2082 BS in the National Assembly, Paudel emphasized the need for transparency in the buying and selling of gold and silver.

“Currently, a 2% luxury tax is charged on gold transactions worth over Rs 1 million, but the new budget for 2025–26 removes this threshold, meaning all gold transactions will now be taxed,” he said. He acknowledged that gold and silver dealers were unhappy with the move but added that talks are ongoing and he hopes for a positive resolution.

Paudel, who presented a Rs 1.964 trillion budget last month, said the plan is realistic and can be implemented. He explained that the budget is based on practical estimates of revenue, loans, and grants, and prioritizes using debt for capital development.

“We’re careful not to let our debt grow beyond limits, and we’re focusing spending on areas that boost production and productivity,” he said.

He rejected claims of political pressure during the budget drafting process and said its key priorities include fast-tracking national pride projects, increasing public participation in production, improving employment and social security, and promoting entrepreneurship.

Paudel also said lawmakers had broadly participated in shaping the budget.

The National Assembly later approved his proposal to move forward with the Finance Bill 2082 and the Bill to Raise National Debt 2082.

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