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Deliberation on Money Bill

Posted on :10 June 2016

The Chairperson of Finance Committee in the afternoon today presented its third report on the Revised Taxes and Levies Bill of Bhutan, 2016 as a money bill. The chairperson informed the house on the tax slabs of the SAARC countries and submitted that Bhutan has the lowest taxable amount. He also presented on revision of Sales Tax and Customs Duty and revision of Royalty and Mineral Rents.

 

The house unanimously agreed that the Revised Taxes and Levies Bill of Bhutan, 2016 proposed by the Ministry of Finance is a Money Bill which is in accordance to the provisions of the Constitution, the Verdict passed by the Judiciary, National Assembly Act and the Rules of Procedure.

 

The Bill propose to revise personal income tax, Sales Tax and Customs Duty and revision of Royalty and Mineral Rent. The revision raise basic exemption limit from 100000 to Nu. 200,000 and education  expenses from Nu. 50,000 to Nu. 150,000 per child per annum. The revision will exempt tax on import of medical supplies and equipment not meant for commercial purposes, also on import of foreign published textbooks, journals, periodicals, teaching aid materials. The proposed revision of Royalty and Mineral Rent comes after several rounds of recommendations by the Royal Audit Authority and  Anti-corruption Commission of Bhutan. Members raised concerns that this would impact the manufacturing industry by the raise in the rates, towards this, it was clarified that the issue was well taken care and the revision was based on the Ad Valorem Royalty System, one of the best practices used to determine the revision rates internationally protecting the domestic consumptions.

 

After thorough deliberation, most of the members acknowledged that the revision was timely and discussed on each section of the Bill. The Bill will be voted to be passed on Monday 13th June 2016 in the National Assembly’s next sitting.

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