Thimphu Thromde reviews Urban Land and Property Tax Policy, 1992

Thimphu Thromde is reviewing the Urban Land and Property Tax Policy, 1992.

According to Thimphu Thrompon, Kinlay Dorjee the existing policy is too old and needs revision so to narrow the gap between the municipality’s income and expenditure.

Kinlay Dorjee said the municipality’s overall expenditure for a year is over Nu 150 M whereas their revenue generation is about Nu 120 M.

The government pays the difference in the amount, every year.

The revision is expected to lessen the Thromde’s dependency on the government to bring about urban developments.

“We have a shortage of Nu 30 M which needs to be covered up and we felt that we should not be receiving subsidy from the government.”

Kinlay Dorjee said if they keep on receiving subsidy from the government, the efficiency of the Thromde administration will not improve.

However, the revision is likely to take time as the Thromde will first submit the proposal to the Cabinet which will then go to the Parliament for endorsement.

 

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