Question Hour Session with the Minister for Finance
During its 16th sitting today, the House conducted a question-hour session with the Hon’ble Minister for Finance.
On behalf of the House, Hon’ble Kencho Tshering asked the Minister about concerns regarding the Property Tax 2022.
In response, the Minister acknowledged public concerns, emphasizing that the tax is based on property value to uphold fairness and equity. Addressing specific issues, he mentioned the need to study land used for community purposes like farm roads and explained that the 50% concession on dry land aims to achieve national food security. The Minister highlighted that Community Information Centre (CIC) operators have been integrated with local government to facilitate a smooth transition to the online platform. Regarding revisiting the Property Tax Act, the Minister stated that it does not need to be tabled for review since it has only been in effect for a year.
In the second half, Hon’ble Sonam Tobgyel questioned the Hon’ble Minister about government initiatives for financial inclusivity and measures to revise the personal loan limit.
The Minister responded that the Royal Monetary Authority (RMA) established a unit to ensure financial inclusivity, with separate provisions for business and personal loans. The government plans to reduce the Minimum Lending Rate (MLR) from the current 6% to lower loan interest rates. While the personal loan ceiling remains Nu. 500,000, individuals can obtain personal loans from multiple banks.
