The National Council passed the Fiscal Incentives (Amendment) Bill of Bhutan 2020, today. However, the House brought forward the expiry date of the Bill to December 31, 2021. Adopting the Fiscal Incentives Bill of Bhutan 2020 on Wednesday, the National Assembly decided to extend the expiry date up to 30th June 2022.
The Economic Affairs Committee of the National Council reviewed the Fiscal Incentives (Amendment) Bill of Bhutan 2020.
After the amendments and adoption of the Fiscal Incentives (Amendment) Bill of Bhutan 2020 by the National Assembly on Wednesday, the Money Bill was forwarded to the National Council for further deliberation.
Deliberating the Fiscal Incentives Bill of Bhutan 2020 at the House of Review today, members of parliament (MP) shared their concerns about the extension of the expiry date of the Bill.
“If we follow the expiry dates of the Bill suggested by the National Assembly it is till the mid-year of 2022. And when we pay our taxes, we have to pay the taxes at the beginning of a new year that is 2023. The 6-month gap in between will cause issues while implementing the Bill. Moreover, the Goods and Services Tax will be implemented starting July next year, this will also lead to a few of the private sectors getting double tax exemptions,” said Dorji Khandu, the Gasa MP.
“We have to do proper research on how many private sectors will not be eligible to get tax exemptions and we have to also add new businesses for the Fiscal Incentives. That is why, since we have to do detailed research on the matter, we should not extend the expiry date by one and a half years. This will be a problem for new entities moreover, it will be an issue for those who want to pay their taxes considering the current situation of the economy,” supported Sangay Dorji, the Chhukha MP.
The House at the end of the discussion decided to bring forward the expiry date of the Bill to December 31, 2021.
Of the 24 members present in the house today, 23 members voted in favour of the Bill while one abstained. The Bill will now be forwarded to the National Assembly for deliberation.
Passang Dorji/Yeshi Dorji
