NA­TIONAL REV­ENUE GROWS BY 24 PER­CENT

Business Bhutan - - Business -

The fis­cal year 2017-18 saw sig­nif­i­cant growth in na­tional rev­enue amount­ing to Nu 36.87bn. This is a growth of 24% com­pared to the fis­cal year 2016-2017.

Ac­cord­ing to the pro­vi­sional rev­enue re­port 2017-18, tax rev­enue in­creased to Nu 27.10bn, an in­crease by 25% from 2016-17, and is at­trib­uted to in­creased roy­al­ties from hy­dropower, ex­cise duty re­fund and higher col­lec­tion from CIT, PIT, cus­toms duty and sales tax.

Mean­while, non-tax rev­enue, com­pris­ing mainly div­i­dends, roy­al­ties and ad­min­is­tra­tive fee, con­sti­tuted Nu 9.76bn, an in­crease of 22%, and has been mainly on ac­count of reval­u­a­tion re­serve fund and sur­plus trans­fers from RMA.

Tax rev­enue con­trib­uted 73.5% to the to­tal rev­enue, while non-tax rev­enue con­trib­uted 26.5%. The cor­po­rate in­come tax col­lected in the fis­cal year also re­port­edly im­proved to Nu 9,03bn from Nu 8.17bn in 2016-17 fis­cal, busi­ness in­come tax to Nu 1.49bn from Nu 1.27bn, and per­sonal in­come tax to Nu 1.34bn from Nu 957mn in the same pe­riod. Tax rev­enue col­lec­tion is at­trib­uted to en­hanced tax ad­min­is­tra­tion with the launch of RAMIS.

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