Inauguration of new Regional Revenue and Customs Office, Gelephu by His Excellency, Finance Minister on 1st February 2016.

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Civil Service Medal Recipients, 2015 of the Ministry of Finance with Finance Secretary and Department Heads.

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Press Release
Seventh Meeting of SAARC Finance Ministers preceded by the Seventh Meeting of SAARC Finance Secretaries

The Seventh Meeting of the SAARC Finance Ministers preceded by the Seventh Meeting of SAARC Finance Secretaries was held in Kathmandu, Nepal on 19th and 20th August, 2015 respectively. The meeting was inaugurated by Rt. Hon’ble Prime Minister of Nepal, Mr. Sushil Koirala. The SAARC Finance Ministers meeting was followed by the Fourth Meeting of SAARC Development Fund Governing Council.

The meetings assessed the progress made in the implementation of recommendations of the Sixth Meeting of SAARC Finance Ministers held on 20th August 2013 in Colombo, Sri Lanka including SAARC Development Fund (SDF). It also discussed on the cooperation in trade, economic and financial sectors among the SAARC member states and the way forward for allowing greater flow of financial capital and intra-regional long-term investments.
Dasho Lam Dorji, Finance Secretary led the Bhutanese delegation. In his statement, Finance Secretary urged all the member states to develop a holistic and comprehensive package of actionable measures by exploring the whole range of partnership available for deepening the regional cooperation. He also highlighted the status of macro-economic developments in Bhutan over the recent past and reported the status of cooperation in the field of financial sector pursued by Bhutan under the aegis of SAARC.
In discussion on establishment of SAARC Development Bank, the leader of Bhutanese delegation opined that consideration of a SAARC Development Bank is premature at this stage since SDF is just evolving and needs the support and guidance of all member states in its journey. Following which the member states directed the SDF CEO to prepare implementation strategic plan of SDF activities within the time frame of six months. Further, the meeting emphasized to strengthen the existing social window of SDF and expedite in operationalizing the economic and infrastructure windows.
The Eighth Meeting of SAARC Finance Ministers and Finance Secretaries will be held in Pakistan in 2016.
The Bhutanese delegation included representatives of Ministry of Foreign Affairs and Ministry of Finance.

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PRESS RELEASE

On the Third International Conference on Financing for Development held in Addis Ababa, Ethiopia from 13th to 16th July, 2015

The Third International Conference on Financing for Development began on the 13th of July 2015 at the United Nations Economic Commission for Africa (UNECA) Conference Centre in Addis Ababa, Ethiopia. The Conference was opened by the UN Secretary-General H. E Mr. Ban Ki-moon, and the Conference elected the Prime Minister of Ethiopia, H.E. Mr. Hailemariam Desalegn, as the President of the Conference. At the opening, the UN Secretary-General Ban Ki-moon called for an ambitious and universally inclusive financing framework to implement the Sustainable Development Goal and highlighted the need for a social compact for greater social protection and a package for Least Developed Countries (LDCs).

Hon’ble Finance Minister, Lyonpo Namgay Dorji led Bhutan’s delegation to the Conference which comprised of officials from the Ministry of Finance, Ministry of Foreign Affairs and the Gross National Happiness Commission Secretariat. In his statement during the general debate, Lyonpo emphasized the need to redouble efforts by countries around the world as well as international institutions, particularly assistance for the LDCs, in order to achieve the Sustainable Development Goals towards a new era. Lyonpo also highlighted the unique development challenges faced by countries like Bhutan and appealed to the world to work together to eradicate poverty by the next decade.

Hon’ble Lyonpo Namgay Dorji also participated in the Round Table Meeting on the theme “Ensuring policy coherence and an enabling environment at all levels for sustainable development”.

The Conference is expected to end on the 16th of July with the adoption of an outcome document which will be known as the Addis Ababa Action Agenda. The document is expected to support the implementation of the post-2015 development agenda, including the Sustainable Development Goals.

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The Bank of Bhutan Limited (BoBL) opened a new extension branch office at Regional Revenue and Customs Office (RRCO), Thimphu on July 3, 2015.

This is the second extension of BOBL within the Department’s premises after RRCO, Phuntsholing branch which was opened on 24 March 2015 to facilitate efficient payment of taxes by taxpayers to RRCO and daily deposit of government revenues.

The main objective of extending branch network is to take banking services closer to general public for payment of taxes and reduce the risk of cash handling. Services provided at the BoBL branch counter also include facilities like accepting deposits up to Nu. 100,000 and withdrawals up to Nu.20,000. The branch will also provide necessary information on matters related to collecting and clearing of cheques.

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15th June 2015: The opening of the Training of Trainers on Sales Tax Modules regarding the new system RA​MIS​ was conducted by CMC for sales tax officials from the ​h​eadquarter and the ​regional offices. The training was also attended by IT officials of DRC.
Conducted by: CMC (Developers)
Date: 15th June to 19th June.
Venue: Conference Hall RRCO P​huentsholing

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PRESS RELEASE

His Excellency Mr. Gautam Bambawale, Ambassador of India to Bhutan has handed a cheque for Rs. 1,756 million to Hon’ble Lyonpo Namgay Dorji, Minister of Finance this afternoon. The cheque is on account of Excise Duty Refund (EDR) for the year 2013.
The claim for the EDR 2013 was verified by a six member delegation from GoI lead by Dr. P.K Mohanty, Director General, Directorate General of Inspection, Customs and Central Excise (DGICCE) in November 2014.

As the EDR constitutes about 7.05% of the total revenue for the financial year 2014-2015, it will improve the fiscal position and contribute towards INR reserve build-up.

The release of EDR by GoI is timely as it will help in implementing the planned activities for FY 2014-2015 which will end by 30th June 2015.

The verification process for the refund of EDR for 2014 amounting to Rs. 1,943 million has been also completed. This will be released during FY 2015-16.

The Government of India refunds the Excise Duty Refund on annually basis as per Article VIII of the Bilateral Trade and Transit Agreement which states that “Each of the Governments agrees to provide appropriate refund to be mutually decided annually in respect of excise duties on goods of its origin exported to the other”.

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The government of India (GoI) 22 May 2015 declared a total excise duty refund of Nu 1.943B (billion) to Bhutan for 2014. This is an increase of Nu 187M (million) from the previous year. Bhutan received Nu 1.756B as excise duty refund for 2013. A delegation led by the director general of directorate general of inspection, customs and central excise, India, PK Mohanty, visited Bhutan for verification and quantification of the exercise duty refund claim of Bhutan for 2014 from May 13 to 22. Bhutanese delegation was led by Yonten Namgyel, director of revenue and customs.

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The Director, Department of Revenue and Customs congratulated and awarded the certificate to Mr. Ugyen Tshering, Deputy Collector, Customs and Excise Division on successful completion of World Customs Accreditation in Technical and Operational Advisor on Intellectual Property Rights. He is the first customs official of the department to receive this certificate.

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Customs administrations around the world celebrate 26th January as the International Customs Day with a dedicated theme under the auspices of the World Customs Organization. The theme for 2015 is “Coordinated Border Management – An inclusive approach for connecting stakeholders”.

The Department of Revenue and Customs with effect from 2014 joined the global Customs community in formally celebrating this day. Regional Revenue and Customs office around the country are celebrating the day with the main event this year being organized in Phuentsholing and graced by the Hon’ble Finance Minister. On this day, the Department of Revenue and Customs awards WCO Merit Certificates to the best performing Customs officials as a recognition and appreciation for their hard work, dedication and integrity. The Department of Revenue and Customs also recognises those taxpayers who have good compliance record and best performing business entity by awarding certificate of appreciation on this day.

Considering the theme for 2015, the relevant stakeholders, border enforcement agencies and cross-border Customs officials of India, Nepal and Bangladesh also joined the celebration.

The Department also scheduled to launch Ozone Depleting Substance (ODS) manual publication on this day. The ODS manual is published in collaboration with National Environment Commission (NEC) under the financial assistance of UNEP and UNDP Multilateral Fund. ODS manual will facilitate and assist Customs officials as first hand reference in controlling illegitimate trade mainly focusing on controlling ODS import into the country.

Background
Bhutan became the member of the World Customs Organization (WCO) in February 2002 and currently has 179 member states. Internationally, 26th January is celebrated as “International Customs Day” under the auspices of WCO since the Convention establishing the Customs Co-operation Council was officially inaugurated in Brussels on 26th January 1953. In 1994 the Customs Co-operation Council adopted a new name – World Customs Organization. Subsequently, the Customs administrations of member States of the WCO organize various national events during the International Customs Day. The WCO on its part dedicates an annual theme that is officially declared on the International Customs Day entailing Customs administrations to devote their focus for that year on a particular topic.

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