Tax Revenue
Table 5. Summary of Domestic Revenue Receipts — CEQ 2022 (FY2021-22 & FY2022-23)
| Code | Source of Revenue | 2022-2023 | 2021-2022 | % Change | % of GDP |
|---|---|---|---|---|---|
| Revenue | 44,874.885 | 39,043.073 | 14.94% | 18.93% | |
| A | Taxes | 31,466.676 | 25,843.052 | 21.76% | 13.27% |
| 1 | Taxes on Income, Profits and Capital Gains | 14,644.602 | 13,325.760 | 9.90% | 6.18% |
| 1.1 | Corporate Income Tax | 10,487.876 | 10,063.607 | 4.22% | 4.42% |
| 1.2 | Business Income Tax | 1,712.977 | 1,298.427 | 31.93% | 0.72% |
| 1.3 | Personal Income Tax | 2,443.749 | 1,963.727 | 24.44% | 1.03% |
| 2 | Taxes on Property | 162.980 | 144.625 | 12.69% | 0.07% |
| 2.1 | Recurrent Taxes on immovable property (Dzongkhag Municipality) | 4.922 | 8.986 | -45.23% | 0.00% |
| 2.2 | Taxes on Capital Transactions | 158.058 | 135.638 | 16.53% | 0.07% |
| 3 | Taxes on Goods and Services | 9,162.344 | 7,452.002 | 22.95% | 3.87% |
| 3.1 | Sales Tax | 7,154.806 | 5,608.668 | 27.57% | 3.02% |
| 3.2 | Excise | 574.821 | 386.229 | 48.83% | 0.24% |
| 3.3 | Green Tax | 906.781 | 992.864 | -8.67% | 0.38% |
| 3.4 | Taxes on permission to use goods or perform activities | 525.936 | 464.240 | 13.29% | 0.22% |
| 4 | Taxes on International Trade and Transactions | 787.377 | 509.978 | 54.39% | 0.33% |
| 4.1 | Customs and Other Import Duties | 787.377 | 509.978 | 54.39% | 0.33% |
| 5 | Other Taxes | 6,709.373 | 4,410.687 | 52.12% | 2.83% |
| 5.1 | Payable solely by business | 79.602 | 23.890 | 233.20% | 0.03% |
| 5.2 | Royalty** | 6,629.771 | 4,386.797 | 51.13% | 2.80% |
| B | Other Revenue | 11,474.515 | 11,544.267 | -0.60% | 4.84% |
| 1 | Property Income | 11,485.886 | 11,555.825 | -0.61% | 4.85% |
| 1.1 | Interest receipt from corporations | 2,528.968 | 2,562.471 | -1.31% | 1.07% |
| 1.2 | Dividend | 3,529.000 | 4,081.258 | -13.53% | 1.49% |
| 1.3 | Withdrawals from income of quasi-corporations | 5,274.944 | 4,843.437 | 8.91% | 2.23% |
| 1.4 | Miscellaneous Rent | 152.974 | 68.660 | 122.80% | 0.06% |
| 2 | Social Contributions | -11.371 | -11.558 | -1.62% | 0.00% |
| 2.1 | Health Contribution | -11.371 | -11.558 | -1.62% | 0.00% |
| C | Current Revenue from Government Agencies | 1,507.174 | 1,233.823 | 22.15% | 0.64% |
| 1 | Administrative Fees & Charges | 1,063.818 | 834.439 | 27.49% | 0.45% |
| 1.1 | Economic Services | 599.673 | 563.411 | 6.44% | 0.25% |
| 1.2 | Social Services | 138.291 | 136.872 | 1.04% | 0.06% |
| 1.3 | General Services | 325.854 | 134.156 | 142.89% | 0.14% |
| 2 | Sale of Goods and Commodities | 443.357 | 399.385 | 11.01% | 0.19% |
| 2.1 | Economic Services | 45.684 | 50.438 | -9.43% | 0.02% |
| 2.2 | General Services | 0.631 | 0.588 | 7.31% | 0.00% |
| 2.3 | Miscellaneous Revenue | 397.042 | 348.358 | 13.98% | 0.17% |
| D | Capital Revenue from Government Agencies | 426.520 | 421.931 | 1.09% | 0.18% |
| 1 | Capital Receipts | 426.520 | 421.931 | 1.09% | 0.18% |
| 1.1 | Economic Services | 426.520 | 421.931 | 1.09% | 0.18% |
| GDP (Source-MFCC) — 4th quarter update | 237,052.670 | — | — | — |
**After the opening of international borders on September 23, 2022, the Department of Immigration collected a total of Nu. 1,171.496 million in Sustainable Development Fee (SDF) and visa fees, of which Nu. 1,103.523 million was from US Dollar-paying tourists and Nu. 67.972 million from INR-paying tourists. The total number of tourists who paid in US dollars was 10,802 individuals. Assuming that all dollar-paying tourists paid visa fees at the rate of US$ 65 per person, the total visa fee collected from tourists was Nu. 57.357 million, while the remaining Nu. 1,046.166 million was considered SDF.
Source: Annual Financial Statements of the Royal Government of Bhutan for the Year Ended 30th June 2023.
Source: Annual Financial Statements of the Royal Government of Bhutan for the Year Ended 30th June 2023.