Dorji Khandu

Being an Engineer by Profession and a Servant Leader by Passion.

In the 5th sitting, the Honโ€™ble Minister of Finance, Namgay Tshering introduced the Fiscal Incentives (Amendment) Bill of Bhutan 2020 and the Charter (Amendment) of the SAARC Development Fund to the august House. Following which, the House continued with the deliberation on the Mines and Minerals Bill of Bhutan 2020.
Introducing the Fiscal Incentives (Amendment) Bill of Bhutan 2020 to the National Council, the Hon’ble Minister that the Government propose to extend the Fiscal Incentive (FI) Act 2017.
Reporting that FI Act 2017 became effective on 8th May 2017 and expires on 31st December 2020, he said that if the act is not extended, the sustainability of the business entities will be adversely impacted aggravating the performances of the sector which have been already severely impacted by the pandemic.
He further explained the reasons on extending the FI instead of proposing a new FI Bill, which he said was basically due to the impact on the economy by the current unprecedented situation of the pandemic, it is best perceived in extending the FI 2020 as it will provide the much-needed respite for the affected sector until the economic situation improves.
Briefly outlining the background, the Minister said that the Government is proposing to amend Article 5(ii) of the SDF Charter. He said the SDF was extensively deliberated and ratified in the Third Session of the third parliament by the National Assembly with only one amendment. Council for adoption. the modernization of the taxation system. And finally, to harmonize the new FI package with the 21st Century Economic Roadmap of Bhutan which the ministry is currently being drafted, the final draft will be presented to the Government by the end of this month.
Further, he said the new FI package will be the main fiscal tool for a resilient economic recovery. Moreover, in order to harmonize the fiscal incentives with the GST Act, which was passed in the third session of their parliament scheduled for implementation from July 2021 will usher in major reforms in modernization of the taxation system. And finally, to harmonize the new FI package with the 21st Century Economic Roadmap of Bhutan which the ministry is currently being drafted, the final draft will be presented to the Government by the end of this month.
He also reported on the impact assessment carried out on Fiscal Incentives of Bhutan 2008-2018 by the Gedu College of Business Studies which will support and provide recommendations for the new FI package. The extension of the current FI package provides adequate time to ensure holistic stakeholder consultations and analysis on the overall proposed FI package.
The Fiscal Incentive (Amendment ) Bill of Bhutan 2020 was deliberated in the National Assembly on 1st December 2020 of the ongoing session (4th session of the NA). The House made the amendments and adopted the Bill on 2nd December 2020 and forwarded the Money Bill to the National Council for adoption.
After the introduction of the Bill, Honโ€™ble Minister responded to the questions regarding the status of those benefitted by the fiscal incentives; challenges the private sector would face during the pandemic despite the provision of fiscal incentives; import and distribution of improved vegetable seeds by private businesses; among others.
The House assigned the Economic Affairs Committee to review and prepare the Bill for deliberation in tomorrow’s sitting.
The Honโ€™ble Finance Minister Namgay Tshering also introduced the Charter (Amendment) of the SAARC Development Fund (SDF) to the House.
Briefly outlining the background, the Minister said that the Government is proposing to amend Article 5(ii) of the SDF Charter. He said the SDF was extensively deliberated and ratified in the Third Session of the third parliament by the National Assembly with only one amendment.
He informed that Bhutan is the only member country that has not amended the Charter from the eight-member countries. And the amendment is expected to ease project collaboration among the member states through SDF.
He said that the proposed amendment is for the utilization of resources and facilities for funding projects involving one or more member states from the existing provision that requires more than two member states. He justified that it is difficult to find projects fulfilling the interests of more than two member states.
This was then followed by the Chair of the Economic Affairs Committee presenting the committeeโ€™s review on the SDF Charter to the House. He briefly highlighted the background of the Charter and the proposed amendment; the rationale for the amendment; the advantages of the amendment and the financial cost of the taxation system. And finally, to harmonize the new FI package with the 21st Century Economic Roadmap of Bhutan which the ministry is currently being drafted, the final draft will be presented to the Government by the end of this month.







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๐๐ฎ๐ž๐ฌ๐ญ๐ข๐จ๐ง ๐‡๐จ๐ฎ๐ซ ๐’๐ž๐ฌ๐ฌ๐ข๐จ๐ง ๐ฐ๐ข๐ญ๐ก ๐ญ๐ก๐ž ๐‡๐จ๐ง’๐›๐ฅ๐ž ๐Œ๐ข๐ง๐ข๐ฌ๐ญ๐ž๐ซ ๐จ๐Ÿ ๐„๐œ๐จ๐ง๐จ๐ฆ๐ข๐œ ๐€๐Ÿ๐Ÿ๐š๐ข๐ซ๐ฌ ๐š๐ง๐ ๐ญ๐ก๐ž ๐‡๐จ๐ง’๐›๐ฅ๐ž ๐Œ๐ข๐ง๐ข๐ฌ๐ญ๐ž๐ซ...



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