Second day in the Third Reading on the Property Tax Bill of Bhutan 2022
he House today continued the deliberation on the Property Tax Bill of Bhutan 2022. On the directive of the House to explore adding a new section after Section 8 under Land Tax, the Legislative Committee submitted that definition of the taxable land which states that the “Taxable land value” is equivalent to the value of the land determined based on the compensation rate published by the Property Assessment and Valuation Agency (PAVA) which applies to such land at the payment deadline” answers the concerns raised and that there is no need for a new section.
The House deliberated in length on section 11 under Building Tax which states that the “Building tax is payable each year on all buildings at the rate of 0.1% on the taxable building value” and supported it through a majority show of hands. Sections 15 and 16 of the Bill under the vacant land surcharge tax were also thoroughly deliberated including the 15% vacant land surcharge tax which is payable each year on the amount of land tax. However, both sections got the support of the House through the majority show of hands.
The deliberation on the rest of the Committee’s recommendations and the Bill will be continued on Monday, 21st November 2022.
