The finance ministry is tightening import regulations to stop people from misusing the country’s tax-free smartphone status and to prevent potential deflection of imports due to tax discrepancies with neighbouring countries. Measures include enhanced import monitoring, ensuring regulatory compliance, tracking foreign exchange use, and conducting import audits.
Finance Minister Lekey Dorji shared this at the Meet the Press session earlier today. The minister added that the finance ministry, in coordination with stakeholders, is finalising regulatory actions against non-compliant importers, including legal measures for fraud. The Department of Revenue and Customs is leading this effort. Last year, Bhutan imported over 100,000 smartphones worth more than Nu 2.7bn.
𝗚𝗼𝘃𝗲𝗿𝗻𝗺𝗲𝗻𝘁 𝘁𝗶𝗴𝗵𝘁𝗲𝗻𝘀 𝗶𝗺𝗽𝗼𝗿𝘁 𝗿𝗲𝗴𝘂𝗹𝗮𝘁𝗶𝗼𝗻𝘀 𝘁𝗼 𝗽𝗿𝗲𝘃𝗲𝗻𝘁 𝘀𝗺𝗮𝗿𝘁𝗽𝗵𝗼𝗻𝗲 𝘁𝗮𝘅-𝗳𝗿𝗲𝗲 𝗺𝗶𝘀𝘂𝘀𝗲The finance ministry is tightening import regulations to stop people from misusing the country’s tax-free smartphone status and to prevent potential deflection of imports due to tax discrepancies with neighbouring countries. Measures include enhanced import monitoring, ensuring regulatory compliance, tracking foreign exchange use, and conducting import audits.Finance Minister Lekey Dorji shared this at the Meet the Press session earlier today. The minister added that the finance ministry, in coordination with stakeholders, is finalising regulatory actions against non-compliant importers, including legal measures for fraud. The Department of Revenue and Customs is leading this effort. Last year, Bhutan imported over 100,000 smartphones worth more than Nu 2.7bn.#thimphu #bbs #news #asia #druk #media #bhutan #bhutanese
Posted by BBS on Tuesday, March 4, 2025
