Bhutan PM Lotay Tshering (File image)
Bhutan PM Lotay Tshering (File image)

Bhutan Prime Minister Dr Lotay Tshering on Thursday exuded confidence of commencing the Goods and Services Tax (GST) Bill of Bhutan 2020 by July 1, 2022.

He said this in response to queries related to the fixed commencement date of the Bill at the National Assembly, according to reports.

As the Members of Parliament continued the third reading of GST Bill of Bhutan 2020 at the National Assembly on Thursday, members shared their concerns related to the absence of a commencement date for the (GST) Bill of Bhutan 2020.

In response, the Prime Minister informed the House that Druk Holding and Investments is currently working on developing a GST billing software for the Bill.

He further added along with the GST billing software, the government is also working on developing software for the Bhutan Integrated Taxation System.

With the introduction of the GST Bill, the government proposed to introduce a flat seven per cent Goods and Services Tax on all goods and services imported into the country except for the exempted list and zero-rated commodities.

This is to broaden the tax base for fiscal sustainability.

By the end of the deliberations, the House directed the Committee to discuss and report the findings and recommendations on the commencement clause considering the opinions raised in the House.

The House completed deliberation on twenty-two Chapters of the Bill including the recommendations submitted by the Legislative Committee.

The deliberation on the Bill continues on Friday.