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Finance Minister introduces Money Bills and the House adopts the Property Tax Bill of Bhutan 2020

Posted on :14 February 2020

In the 23rd Sitting, the Hon’ble Finance Minister Lyonpo Namgay Tshering introduced the Supplementary Budget Appropriation Bill Financial Year 2019 – 2020, the Pay Revision (Amendment) Bill of Bhutan 2020, and the Goods and Services Tax Bill 2020 to the House today. 

Hon’ble Finance Minister Namgay Tshering presented the Supplementary Budget Appropriation Bill for the Financial Year 2019-20 to the House today. He informed the House that the supplementary appropriation is for a sum not exceeding Nu. 903.277 million as adopted by the National Assembly and the revised budget with the inclusion of the supplementary appropriation is estimated at Nu. 65,730.002 million. The appropriation is to defray the expenditure on the account of revision of pay and allowances for the Royal Bhutan Police, Khesar Gyalpo University of Medical Sciences of Bhutan, Jigme Singye Wangchuk School of Law, revision of stipend and subsidy to State Owned Enterprises.

Further, he highlighted his concern on the supplementary budget passed on the parliamentary committee and secretariat services of Nu. 5 million. He said it set a wrong precedence which he said should be avoided in the future.  Despite raising this concern in the National Assembly, the majority supported the proposal and the budget was approved.  

Introducing the Pay Revision (Amendment) Bill 2020, he explained  the inconsistencies in the Annexure and Pay Revision Act, which was passed by the Parliament six months ago. He said that the amendment are made to correct these inconsistencies. The amendments in the Bill included pay revision of NFE Instructors and ECCD facilitators; house rent allowances for ESP, NFE instructors and Gaydrungs; discretionary grants; designated duty vehicle for dzongdag; Children Education Allowance for the officials in foreign posting.

The Hon’ble Minister also introduced the Goods and Services Tax Bill 2020 to the House. The Bill is aimed to broaden the taxation base and modernize taxation system to facilitate the development of a vibrant economy. The Bill would impose GST at the rate of 7 percent. The proposed rate would provide an ideal balance between impacts on revenue collection versus burden of tax on the taxpayers. The GST would be payable on most goods and services consumed in Bhutan, apart from some exceptional categories of supplies.

After the introduction, the Hon’ble Minister responded to the questions raised by the Members on their respective concerns.

 

The House also adopted the Property Tax Bill 2020 with 21 ‘Yes’ votes and 1 ‘No’ vote from a total of 22 Members present and voting

 

On Monday, the House will resume with the deliberation on the Supplementary Budget Appropriation 2019-20 and the Pay Revision (Amendment) Bill 2020.

 

 

 

 

 

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