Kathmandu, June 17: Gold and silver traders in Nepal have continued their protest programs against the government’s decision to impose additional taxes on gold, silver, and precious stones.

The agitation follows the government’s move to impose a 2 percent luxury tax on gold and gold jewelry and a 13 percent VAT on gemstones and interest on precious stones.

Traders, under various associations and federations, have been organizing joint protests demanding the removal of these taxes. Demonstrations with black banners were held in New Road and Basantapur areas of Kathmandu on Tuesday, with gold and silver traders from Bhaktapur also joining the protests.

Bijen Shakya, Acting Chairman of Bhaktapur Gold and Silver Traders Association, said the taxes are unfair to the traditional gold and silver business, stating, “It is unjust to impose taxes on gold, which is used from birth to death in our culture.”

Advisor Sakyan Shakya emphasized that gold should not be classified as a luxury item and called the 6 percent total additional tax on gold and the 13 percent VAT on gemstones unjust.

“We have organized a silent march in New Road today against the government’s tax policy. Gold is a cultural necessity, not a luxury, and the new taxes must be withdrawn,” he added.