A group of girls are engrossed in their phone. They browse the screen with great excitement as they do “online shopping” viewing photos of the products, along with product specifications, features and prices. Various online shopping websites such as Air BNB, Alibaba, eBay, Myntra and B-bay-buying and selling are increasingly becoming popular among the buyers. […]
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The National Council (NC) recommended that Income Tax (Amendment) Bill 2020 could seriously impact the national goal of economic self-reliance and create more deficits at this time. In this context, NC’s Economic Affairs Committee (EAC) proposed two options to the house, either not to pass the Bill in its entirety or to pass with amendments […]
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With the implementation of Goods and Services Tax (GST) coupled with a digitized economy, the projected revenue increase would be almost 69% at GST rate 7%. Prime Minister Dr Lotay Tshering said that GST at 5% can achieve neutral revenue while GST rate below 5% is not recommended as the revenue falls below the baseline […]
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The Bank of Bhutan (BoB) in its drive to promote digital banking, the oldest bank in the kingdom has introduced a new saving deposit scheme called “Empower Saving.” With Empower Saving, one should carry out all debit transactions that is withdrawing money or transferring money through the digital banking platform such as ATM, Mobile banking […]
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In order to overhaul the existing sales tax regime, the government has proposed to introduce Goods and Services Tax (GST) with a standard single rate of 7% in place of multiple rates under the existing sales tax regime during the third session of the third parliament on Thursday. Finance Minister Namgay Tshering said the GST […]
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The government has proposed to increase the Personal Income Tax (PIT) ceiling from Nu 200,000 to Nu 3000,000. Finance Minister Namgay Tshering presented the bill at the National Assembly to amend Income Tax Act 2001 and revised Taxes and levies Act 2016 on Thursday. Lyonpo said that the objective of amending the bill was to […]
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Following the government’s announcement to introduce Goods and Services Tax (GST) at 7% in the National Assembly, a Public-Private Dialogue on GST was held at the office of the Bhutan Chamber of Commerce & Industry (BCCI) yesterday afternoon. The meeting was attended by the Prime Minister, Finance Minister, parliamentarians, government officials and stakeholders from the […]
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Inflation in food and non-alcoholic beverages shot up by 4.34% in November 2019 Rising food prices pushed the retail inflation in November last year to 2.34% from November 2018, states the recent National Statistical Bureau’s consumer price index (CPI) report. It shows that Bhutanese on an average paid 2.34% more for goods and services in […]
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More are expected to be issued in the coming years with the launch of e-commerce guidelines The Department of Trade has issued 31 e-commerce licenses to operate online based businesses since last year. The department started issuing the licenses from July last year after launching e-commerce policy guidelines. The Department of Cottage and Small Industry […]
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Vehicle sale in Bhutandropped last year, but the number still passed the healthy revenue generator for second hand cars brokers. Vehicle showrooms sold more than 1,500 new cars. Although buyers spent more on vehicles, showrooms had to prop up sales with record discounts, according to vehicle sold report 2019. Following a long trend, around 70% […]
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