Nepal, June 16 -- The Federation of Nepalese Chamber of Commerce and Industries (FNCCI) has demanded the government to reconsider the proposed 2 percent luxury tax and 13 percent value-added tax (VAT) on gold and precious stones including diamonds in the budget for Fiscal Year (FY) 2025/26.

On Sunday, FNCCI President Chandra Prasad Dhakal held discussions on this issue with representatives from the Nepal Gem & Jewellery Association (NEGJA), the Federation of Nepal Gold Silver Gem and Jewellery Associations (FNGSGJA), at the FNCCI's secretariat. The FNCCI called these taxes impractical.

The FNCCI had previously put forth a formal stance in response to the budget, stating that the luxury tax on gold and the VAT on diamonds and other preci...