Sunday, June 8, 2025
  • Contact Us
  • About BBS
  • Privacy & Policy
ENG
DZO
BBSCL Logo
  • Home
  • Business
  • Politics
  • Sports
  • Education
  • More
    • Announcement
    • Audience Survey Report
    • Programme
    • Radio Dzo-Channel Schedule
    • Radio Mix-Channel Schedule
Radio Live
No Result
View All Result
BBSCL logo
  • Home
  • Business
  • Politics
  • Sports
  • Education
  • More
    • Announcement
    • Audience Survey Report
    • Programme
    • Radio Dzo-Channel Schedule
    • Radio Mix-Channel Schedule
No Result
View All Result
BBSCL logo
Radio LIVE

CD account mandatory for all businesses

September 6, 2022
in Other Stories
Reading Time: 2 mins read
0
0
SHARES
80
VIEWS
Share on FacebookShare on Twitter

From November, all business owners will need to open a current deposit or CD account to run their businesses. Those who fail to do so can be fined up to Nu 5,000. The Department of Revenue and Customs announced this recently in a move to deal with tax evasion.

“What we have observed in past is that businesses are using personal saving accounts to receive the payments against their business transaction. So, this has posed difficulties for income tax officials to verify the transactions. So basically, in order to capture all the business transactions into the business account, we issued a notification on 17th August 2022, requesting all the businesses to open CD account if they haven’t opened one,” said Gyeltshen, the Offg. Director-General of the Department of Revenue and Customs.

He added that this is to maintain a record of all the payments made for proper disclosure of income. The new rule also applies to Civil Society Organizations and Religious Organizations.

The department said its regional offices will monitor and inspect from November. The department says they will impose fines for those failing to comply with the new rules.

Some of the business entities also welcomed the initiative.

“I think it is the right time to open a CD account. If we can open a CD account, the transactions, tax and loan repayment will be easier for us,” said Kinzang Wangdi, a business owner.

“Customs officials are telling us to open a CD account. We are asked to do the transaction through that account,” said Dil Maya Bhattarai, a shopkeeper.

“Till now, we didn’t know that we have to open a CD account. So far, I have been using my saving account. If the government orders us to open the account, then we have to open it,” said Yeshi Dema, a shopkeeper.

There are about 62,000 business entities across the country and they have contributed over Nu 10bn to the Department of Revenue and Customs in tax for the income year 2021.

Karma Wangdi

Edited by Tshering Zam

Previous Post

Hostel congestion in Nagor MSS

Next Post

RC75 adopts Paro Declaration on mental healthcare and services

Next Post
RC75 adopts Paro Declaration on mental healthcare and services

RC75 adopts Paro Declaration on mental healthcare and services

Dry port in the east by 2024

Dry port in the east by 2024

Reviving the culture of natural dyeing

Reviving the culture of natural dyeing

Please login to join discussion

RECOMMENDED NEWS

Over 200 eye doctors from South Asia attend South Asian Academy of Ophthalmology conference

Over 200 eye doctors from South Asia attend South Asian Academy of Ophthalmology conference

9 months ago
14
Blacktopped GC road brings smiles in Phuentshogpelri Gewog

Blacktopped GC road brings smiles in Phuentshogpelri Gewog

3 years ago
1

Damphu-Changchey road finally blacktopped

4 years ago
2

A double-lane bridge to replace the old bridge at Nyala, Trongsa

6 years ago
2

BROWSE BY CATEGORIES

  • Accidents (14)
  • Agriculture (426)
  • Announcement (174)
  • Audience Survey Report (1)
  • Business (744)
  • Crime/Legal (367)
  • Culture (47)
  • Development (51)
  • Disaster (57)
  • Economy (278)
  • Education (413)
  • Entertainment (13)
  • Environment (61)
  • Feature (65)
  • Featured (6)
  • Festival (78)
  • GMC (14)
  • Headlines (9)
  • Health (622)
  • Legal (52)
  • Literature (9)
  • Livestock (75)
  • Media (25)
  • Other Stories (5,574)
  • Politics (419)
  • RCSC (1)
  • Recent stories (5)
  • Religion (45)
  • Sci/Tech (709)
  • Social (516)
  • Sports (449)
  • Technology (190)
  • Tourism (19)
  • Uncategorized (13,866)
  • Video (136)
  • Video Story (249)
  • Wildlife (42)

BROWSE BY TOPICS

Tender Announcement Vacancy Announcement

POPULAR NEWS

  • BPC’s investigation rules out transformer short circuit as Damchhu forest fire cause

    Viral video of Bhutanese man assaulted by locals and police in Jaigaon sparks safety concerns

    0 shares
    Share 0 Tweet 0
  • Gelephu Mindfulness City opens recruitment drive for Bhutanese professionals

    0 shares
    Share 0 Tweet 0
  • Newspaper accuses DPT candidate of political ploy

    0 shares
    Share 0 Tweet 0
  • A centenarian’s recipe to longevity

    0 shares
    Share 0 Tweet 0
  • 40 companies risk closure over failure to submit financial reports

    0 shares
    Share 0 Tweet 0
BBSCL

Bhutan Broadcasting Service (BBS) is Bhutan’s primary national broadcaster, delivering diverse news and entertainment in multiple languages, fostering cultural understanding and public knowledge.

Follow us on social media:

Recent News

  • Phuentshogling Thromde installs reverse vending machine to promote recycling
  • Fixed deposit interest to be taxed at 10% under proposed Income Tax Bill
  • Yonphula Specialised Rehabilitation School to open next month
  • RMA to roll out seven new measures for loan repayment support
  • National Housing Strategy to be ready by September

News Category

  • Accidents
  • Agriculture
  • Announcement
  • Audience Survey Report
  • Business
  • Crime/Legal
  • Culture
  • Development
  • Disaster
  • Economy
  • Education
  • Entertainment
  • Environment
  • Feature
  • Featured
  • Festival
  • GMC
  • Headlines
  • Health
  • Legal
  • Literature
  • Livestock
  • Media
  • Other Stories
  • Politics
  • RCSC
  • Recent stories
  • Religion
  • Sci/Tech
  • Social
  • Sports
  • Technology
  • Tourism
  • Uncategorized
  • Video
  • Video Story
  • Wildlife
  • Contact Us
  • About BBS
  • Privacy & Policy

© 2024 BBSCL. All rights reserved.

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms below to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In

Add New Playlist

No Result
View All Result
  • Home
  • Business
  • Politics
  • Sports
  • Education
  • More
    • Announcement
    • Audience Survey Report
    • Programme
    • Radio Dzo-Channel Schedule
    • Radio Mix-Channel Schedule

© 2024 BBSCL. All rights reserved.