Kathmandu. The government has abolished the Luxury Tax (VAT) on gold and Value Added Tax (VAT) on diamonds. Unveiling the budget for the next fiscal year, Finance Minister Dr. Swarnim Wagle has made this announcement.

Finance Minister Wagle has announced that the 2 percent luxury tax and 13 percent value added tax (VAT) on diamonds will no longer be applicable in the budget for the upcoming fiscal year.

Earlier, the then Finance Minister Bishnu Poudel had imposed luxury tax on gold and silver and value added tax on diamonds. Now, the tax on both (gold and diamond) has been abolished.