Lyonpo Namgay Tshering, the Minister of Finance introduced the Property Tax Bill of Bhutan 2022, to the House today. The National Assembly deliberated and passed the Bill yesterday and forwarded it to the National Council. The Bill was submitted to Parliament as a Money Bill.

The Hon’ble Minister highlighted its background and aims. He said that the Bill aims to resolve several ambiguities and biases of the Revised Taxation Policy of 1992, which has not been revised for three decades. The Property Tax is an ad valorem tax wherein taxes are levied based on the value of the properties. According to the Minister, the Property Tax which is kept at 0.1% of the actual value of the property is expected to contribute 0.26% more to the Tax Revenue. The Bill is also said to be one of the strategies to narrow the income gap across the country.

After the introduction of the Bill, the Hon’ble Members sought clarifications on issues concerning: uniform taxes both in rural and urban areas; vacant land surcharge tax which is kept at the rate of 15%; whether the taxes would be deductable while filing Personal Income Tax; the rationale for keeping 0.1% as property tax; whether the garbage and amenities tax are included in the new property tax; the basis for rates and the percentage of tax payable for traditional houses; the process of tax payments during appeals and the penal interest of 24% per annum; the reasons for imposing lower tax to wetlands; land tax payable by the highland communities; imposition of taxes; and urban structural plans.

The House will deliberate on the Bill tomorrow.

Lyonpo Namgay Tshering, the Minister of Finance introduced the Property Tax Bill of Bhutan 2022, to the House

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