The National Assembly passed the Income Tax Bill of Bhutan 2016, today. Of the 47, 39 members voted in favour of the endorsement while two voted against the bill and the two abstained.
Yesterday, the National Assembly approved to repeal the provision of the Income Tax Bill of Bhutan 2016 on levy of tax on the interest income earned through fixed deposits.
There were a few, who still believed, repealing of the provision will create disparities among the haves and haves not.
Currently, interest earned from fixed deposits is considered as individual income and is taxed under the personal income tax.
The amended Income Tax Bill is expected to promote savings in the banks and enhance loan landing capacity of the banks.
