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Deliberation on Fiscal Incentive (FI) Act of Bhutan 2021

Posted on :08 December 2021

In the 8th Sitting of the 28th Session of the National Council yesterday, the Hon'ble Minister for Finance, Lyonpo Namgay Tshering, accompanied by officials from the Ministry introduced the Fiscal Incentive Bill Bhutan  2021. 


The Hon'ble Minister then made clarifications on the Bill as sought by the Hon’ble Members. 


In the 9th Sitting today,  the Hon’ble Member Ugyen Tshering, Chairperson of the Economic Affairs Committee presented a brief report on the Bill to the House. He reported that the Committee was assigned to review the Bill taking into account all the recommendations and views shared by the Hon’ble Members. He further reported that along with the concerned Members, the Committee also conducted a meeting with the Ministry to clarify some of the issues on the bill. Altogether, the Committee proposed a total of 41 sections for amendment in the Act. 


While deliberating on the Bill, the Hon’ble Members suggested to revisit section (9)(2) on the Concessionary Ra te to higher secondary schools and above with science, technology, engineering and mathematics (STEM) subjects; Section 12 (5) "such other conditions as the Ministry thinks fit" and related sections;   and section (61) - "the Ministry of Finance shall frame rules for the effective implementation of this Act" amongst others.


The House approved most of the provisions and reverted the Act to the Committee with the directive to revisit the aforementioned provisions as pointed out by the Hon’ble Members for further discussion and final adoption.


In the 10th Sitting tomorrow, the House shall adopt the following legislations, policy and international conventions:


The Anti-Corruption (Amendment) Bill 2021; The Custom Duty (Amendment ) Bill of Bhutan 2021; 

The Tax (Amendment) Bill of Bhutan 2021; 

The Goods and Services Tax (Amendment) Bill of Bhutan 2021;

The Fiscal Incentive (FI) Bill of Bhutan 2021;

The Preferential Trade Agreement (PTA) between the People’s Republic of Bangladesh and the Royal Government of Bhutan; and The United Nations Convention Against Corruption (UNCAC).


Following which, the House will deliberate on the Review Report on the Drafting of Civil Liability Bill introduced by the Legislative Committee.



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