The National Assembly adopted the Tax (Amendment) Bill of Bhutan 2020 today. Prior to adoption, several amendments were made on the sales tax rate on all postpaid and tourist sim cards, prepaid telecom services, energy-efficient appliances and hybrid vehicles.
The amendment bill was adopted with 35 yes votes, 1 No votes and 5 Abstain out of 41 members present.
Meanwhile, the National Assembly adopted the Mines and Minerals Bill of Bhutan 2020 yesterday. After thorough deliberations for the past few days, several new sections were included along with amendments. The objectives of the Bill are to ensure equitable benefits for the people of Bhutan, ensure inter-generational sustainability of the mineral resources, and ensure culture and environment-friendly mining. The Bill will now go to the national council.
Similarly, the National Assembly also adopted the Income Tax Amendment Bill 2020 yesterday. Personal income tax exemption ceiling is increased to Nu 300, 000. Personal income tax for pensioners and income tax from cash crops are exempted.
Another change is 10% surcharge for individuals paying personal income tax more than or equal to Nu 1 M. There is also a corporate income tax cut for private companies from 30% to 25%. The Bill will also be sent to the National Council soon.
