The Finance Minister proposed reducing the tax rate for transfer of property today in the National Assembly. According to the Property Tax Bill of Bhutan 2020, the land transfer tax will be reduced from 5 per cent to 3 per cent and the Vehicle transfer tax from 5 per cent to 1 per cent.
The Good Governance Committee of the House will submit their recommendations and findings on the property tax transfer rate which will be deliberated on 7th February. The Speaker asked the house to endorse the bill in this session itself.
