May 30: The government has decided to impose two percent additional charge for luxury services of high-end hotels and resorts, imported liquors and precious metals.    
The government made this announcement through the budget for the upcoming fiscal year 2023-24 that was presented in the Federal Parliament on Monday    
"Two percent luxury tax shall be imposed for luxury goods and services," Finance Minister Dr Prakash Sharan Mahat said while announcing the budget.    
The high-end hotels and resorts shall charge their clients two percent additionally while providing services from mid-July. The new fiscal year commences on July 17.    
The tax is applied on ornaments made up of precious metals and stones such as gold, diamond, pearls and gems worth over Rs 1 million. The tax is levied on imported alcoholic products at the customs point during the time of transportation.    
In case of the non-payment of the luxury tax, it will be recovered along with a 15 percent interest rate annually.    
Likewise, if the statement related to luxury tax is not submitted, such responsible person will be charged a fine of 2.5 percent annually until the submission of the details. -- RSS