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8th Sitting

Posted on :07 December 2021

The Finance Minister, Lyonpo Namgay Tshering, introduced the Fiscal Incentives Bill of Bhutan 2021.

 

The Bill was deliberated in the ongoing session of the National Assembly and adopted on 6 December 2021. The Bill was declared as a Money Bill and forwarded to the National Council. 

 

The Fiscal Incentives Bill  was initially endorsed by the Parliament in 2010, 2016 and 2017 with the objective to stimulate economic growth, private sector development and employment generation. It was based on the economic development policy. 

 

Presenting the Bill, Lyonpo Namgay Tshering reported  that the Ministry and Gedu College of Business Studies had carried out an in-depth impact assessment on the Fiscal Incentive Act 2017 in preparing the proposed Bill. He said learning from past experiences, most of the issues and challenges will be addressed by this Bill in the implementation process. He further explained that the proposed Bill can be considered exemplary as the taxes are imposed on a need basis. 

 

The Minister then presented the Bill in two sections. He informed the House that the first four chapters were related to Direct Tax, and from chapters five to seven - related to indirect tax. 

 

Following which, the Hon’ble Members sought clarifications on the total amount of tax exempted by the Government based on past Fiscal Incentives Act 2017; benefit to the private sector by tax exemption; employment generated; provision on presenting the  guidelines to Parliament; reasons on exempting of tax to the new businesses; fiscal and monetary measures;   basis of the term (10 years) of Fiscal Incentive Act; and debt servicing amongst others. 

 

The House assigned the Bill to the Economic Affairs Committee for deliberations tomorrow.

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