Some 87,901 individuals and businesses filed their taxes in the income year 2017, according to the performance indicator report of the revenue and customs department.
This figure is as per the records obtained from revenue and administration management information system (RAMIS) in August this year.
The record also found that more than 40 percent of the tax filers are from Thimphu.
Personal income tax (PIT) filers constitute 64 percent of the taxpayers while there are only 377 entities filing corporate income tax (CIT) constituting 0.4 percent of the total taxpayer. About 31,551 entities filed business income tax (BIT).
However, the number of PIT taxpayers has declined by 12 percent compared to 2016. This is mainly due to the revision of PIT taxable income threshold from Nu 100,000 to 200,000.
CIT forms about 78 percent of the revenue collected from direct tax amounting to more than Nu 8B in 2017, which is an increase of Nu 281M compared with 2016.
Druk Holding and Investment Limited paid the highest CIT of Nu 2.3B, followed by Druk Green Power Corporation, which paid Nu 2.17B. Bhutan Power Corporation paid a CIT of 486M, the third highest. The top ten CIT payers constitute about 88 percent of the total CIT.
In the income year 2017, BIT collection was recorded at Nu 683M, an increase by Nu 73M compared with 2016. “This is mainly attributed to ability of RAMIS in capturing TDS information effectively and efficiently,” the report stated.
Among the BIT filers, Lhaki Cement has paid highest BIT of Nu 52M, followed by Tashi Corporate Management and Consultancy with Nu 40.2M. The Bhutan Oil Distributor filed Nu 22.8M BIT.
BIT collections from top 10 entities amounted to Nu 219.93M million, 35 percent of the total BIT collection.
Some 11,340 small and micro sized businesses located in rural areas were exempted from paying taxes. Close to 6,500 entities were declared non-operational.
Regional Revenue and Customs Office in Mongar has the highest small and micro businesses exempted from paying annual Business Income Tax (2,150 entities), while RRCO Bumthang has the least number of small and micro businesses exempted from paying BIT (637 Entities).
As for the PIT filers, 55,973 individuals filed their returns and paid a self-declared tax amounting to Nu 1.2B as compared to 79,877 filers during the income year 2016. However, the collection has increased by about 112M.
PIT collection has increased by 10 percent despite the fact that 23,904 PIT filers need not have to file after enhancement of minimum threshold from Nu 100,000 to Nu 200,000
Till August this year, a total of 29,600 taxpayers have been refunded, either because of excess TDS deposited or as a result of assessments. The refund amount was Nu 127M.