Bhutan Enacts the Income Tax (Amendment) Act 2020, the Property Ownership Transfer Act, and the Goods and Services Tax Act

Bhutan has enacted the Income Tax (Amendment) Act of 2020, the Property Ownership Transfer Act of Bhutan 2020, and the Goods and Services Tax Act of Bhutan 2020.

Income Tax (Amendment) Act

The main measures of the Income Tax (Amendment) Act of 2020 include:

• a reduction in the corporate income tax rate from 30% to 25% on net profit for full tax liability companies, other than state enterprises, with the same reduction provided for permanent establishments;
• an increase in allowed deductions…