The Sarafa Association has warned of a countrywide shutdown of gold markets, announcing that a final decision on a nationwide strike will be made within the next 48 hours after consultations.
The development comes after talks between the Federal Board of Revenue (FBR) and the All Pakistan Sarafa Gems and Jewellers Association ended without any breakthrough, raising concerns of further disruption in the gold market.
Following the failure of negotiations, gold traders have indicated a possible nationwide strike within the next 48 hours. Association President Qasim Shikarpuri said that while there was agreement on issues such as sales tax and registration within the tax net, the main deadlock arose over section 175-C.
Under this proposed law, two FBR officers would be deployed at every jewellery shop, something the Sarafa community has rejected as direct interference in their business.
Gold traders argue that the constant presence of officers at shops, along with the possibility of indefinite stays under the pretext of audits, is unacceptable.
Qasim Shikarpuri made it clear that traders across the country will not accept the implementation of this law from April 4.
Delegations from Karachi, Lahore and Rawalpindi participated in the three-hour talks held in Islamabad. Now, after further consultations over the next 48 hours, a final decision on a nationwide strike will be taken, creating significant uncertainty in the gold market.
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