Tax Bill of Bhutan 2022 presented to Economic & Finance Committee
The Members of the Economic and Finance Committee attended a presentation on the Tax Bill of Bhutan 2022 by the Ministry of Finance this afternoon. The Committee was entrusted with the responsibility to review the Tax Bill of Bhutan 2022 yesterday and prepare for the Third Reading for the Session.
The presentation included information on background, objectives, areas of proposed tax revision, and impact. The Bill is intended to ease the shortage of foreign currency reserves while promoting the local priority sector, which has import substitution potential, and it will encompass amendments to Customs Duty (CD), Sales Tax (ST), and Green Tax (GT) rates. The broad areas of proposed Tax revision are essential items, agricultural inputs, domestically available products, products harmful to the environment, products harmful to health, vehicles, and precious metals.
The Committee will provide its findings and recommendations on the Bill to the House on 16th November 2022.
