The total revenue collected from the Corporate Income Tax (CIT) in the country has almost doubled this year. The revenue saw a growth rate of about 92 percent in the fiscal year 2010-2011.
This year’s CIT collection was over 360 million ngultrum, while it was over 180 million ngultrum in the previous year.
The increase is largely attributed to better performance of the private corporate units.
Similarly, the collection from the Business Income Tax (BIT) saw an increase of over 56 percent. The BIT collection this year was over Nu. 1,100 million.
According to the latest national revenue report, the increase in the BIT is attributed to increase in the number of business units in the country.
