1 TRANSLATION OF THE PROCEEDINGS AND ... - APFA News

In Article 12 of Chapter 4 on page 17, the Department’s Chagthram was
charged to the Department’s Laythram.
In continuation to point 7 under “Contents of By-Law” in Article 13 of chapter
5 on page 22, the quorum should include a lower limit of at least 4 members.
The Agriculture Minister proposed that “…Board and officials...” on page 21
under chapter 21 be changed to “…Board and office staff…”. This was
endorsed by the Assembly.
The Speaker concluded the discussion during the review by the National
Assembly, noting that of the Cooperatives Act page by page there were only
editorial corrections and comments made by the Assembly and as there were no
comments on the content the Bhutan Cooperatives Act 2001 was declared as
being endorsed by the National Assembly on July 18, 2001 coinciding with the
27 th day of the 5 th Month of the Iron Snake Year.
XVI. Income Tax Act of the Kingdom of Bhutan
A copy of the draft Income Tax had been distributed to the Assembly members
towards the end of the 78 th Session of the National Assembly held last year. In
addition, on June 29, 2001, a revised and edited copy dated 2001 was again
distributed to the members and deliberation on the Act started on July 18, 2001.
In the introductory remarks, the Finance Minister said that the Bhutan Income
Tax Act had been approved by the Cabinet quite sometime ago and till now no
problems have been encountered in its implementation. In view of the short and
long term interest of the nation it would be important for the Act to be discussed
and endorsed by the National Assembly. Under the Act, tax is divided under
three different categories: corporate income tax, business income tax and
personal income tax. First under the corporate income tax, all companies
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