Bhutan's Customs Amendment Act 2021 Takes Effect
23 July 2021
Bhutan's Customs Amendment Act 2021 has been put into effect on 23 July 2021. The Ministry of Finance issued a notification that it will refund the customs duty levied in excess of the new rates from the day the bill was presented in Parliament on 31 May 2021 in compliance with the Public Finance Act. Bhutan’s Houses of Parliament, the National Council (Upper House) and the National Assembly (Lower House), passed the Customs Bill 2021 in a re-deliberation held on 28 June 2021.
The Customs (amendment) Act 2021 reduces the customs duty to a uniform rate of 10% from 50% on about 500 goods. This is expected to lower prices of goods from third countries.
Mr. Loknath Sharma, Minister of Economic Affairs, noted that prices of goods would further decrease once the Covid-19 restrictions in transportation of goods are eased.
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