Property Tax Bill of Bhutan 2022 tabled for First and Second Readings
The Minister for Finance, the Member In-charge of the Bill, introduced the Property Tax Bill of Bhutan 2022 for First and Second Readings today.
The Minister submitted that the Property Tax Bill of Bhutan 2022 was to revise rural and urban land and building taxes. It was also to resolve several ambiguities and biases of the Taxation Policy 1992, which was being followed even today for property taxes. According to the Minister, the Bill would also solve the issue of the property taxes being levied based on the area and location instead of its value. He submitted that the Property Tax Bill of Bhutan 2022 would promote a value-based taxation policy.
After receiving the support of the House to deliberate the Bill, it was referred to the Legislative Committee as a Money Bill for further review and public consultation. The Committee will report to the House with its findings and recommendations on 17th November 2022.
