Wednesday Jun 29, 2022
KARACHI: The price of per tola gold settled at Rs141,850 in Pakistan after a fresh increase of Rs350 in line with the rise in the international prices.
According to the All Sindh Sarafa and Jewellers Association (ASSJA), the price of the yellow metal settled at Rs121,613 per 10 grams after an increase of Rs300 in the local bullion market.
Meanwhile, in the international market, the gold price gained $3 per ounce to settle at $1,826 amid growing fears of a global downturn.
Gold rates in Pakistan are around Rs2,000 below cost compared to the gold rate in the Dubai market.
Silver prices in the domestic market remained unchanged at Rs1,550 per tola and Rs1,328.87 per 10 grams today.
Gold dealers across Pakistan raised concerns after Finance Minister Miftah Ismail imposed fixed income and sales tax on small gold shops.
On Friday, Miftah announced that a fixed income and sales tax worth Rs40,000 has been imposed on gold shops that cover an area of less than 300 square feet so that all gold shops come into the tax radar.
Meanwhile, 17% sales tax has been reduced to 3% for shops covering an area of more than 300 square feet (and falling under tier-1) as such higher tax can never be received from jewellery markets.
Moreover, the withholding tax of 4% has been brought down to 1% for local consumers who sell gold in the markets.
However, the market players rejected the revision in taxes and warned to go on strike if the decision wasn't reconsidered.