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This Selected Issues paper describes the current tax system in Bhutan and suggests options for tax policy reform. Though significant hydropower revenues are expected in the medium term as major projects come on-stream, reforms to the existing tax system in the interim will generate fiscal room and prevent recourse to domestic debt to finance development needs. Key reforms include reducing tax exemptions in the near term and introduction of value-added tax in the medium term. The paper also analyzes the adequacy of international reserves in Bhutan using a customized risk-weighted metric. The results indicate that Bhutan’s reserve levels are ample.

Taxation --- Water-power --- Tax administration and procedure --- Tax practice --- Tax procedure --- Hydraulic power plants --- Hydroelectric power --- Hydroelectricity --- Hydropower --- Waterpower --- Natural resources --- Power resources --- Renewable energy sources --- Water resources development --- Stream measurements --- Duties --- Fee system (Taxation) --- Tax policy --- Tax reform --- Taxation, Incidence of --- Taxes --- Finance, Public --- Revenue --- Bhutan --- Bhoutan --- Bhotan --- Boutan --- Bootan --- ʼBrug-yul --- Druk-yul --- Phūthān --- Kingdom of Bhutan --- ʼBrug Rgyal-khab --- Dru Gäkhap --- Bhoetan --- بوتان --- Būtān --- Reino de Bután --- Botan --- Vutã --- Tetã Vutã --- Butan Krallığı --- Бутан --- Бутан Короллеге --- Butan Korollege --- Каралеўства Бутан --- Karaleŭstva Butan --- Кралство Бутан --- Kralstvo Butan --- Kraljevina Butan --- Бутан патшалăхĕ --- Butan patshalăkhĕ --- Bhútánské království --- Teyrnas Bhutan --- Kongedømmet Bhutan --- Königreich Bhutan --- Iiʼniʼ Tłʼiishtsoh Bikéyah --- Bhutani Kuningriik --- Μπουτάν --- Βασίλειο του Μπουτάν --- Vasileio tou Boutan --- Butano --- Bhutano --- Reĝlando Butano --- Bhutango Erresuma --- Kongaríkið Bhutan --- Kongsríkið Butan --- Royaume du Bhoutan --- An Bhútain --- Bhútain --- Ríocht na Bútáine --- Rìoghachd Bhutàin --- Бутанмудин Нутг --- Butanmudin Nutg --- 부탄 --- Put'an --- Butana --- Economic conditions. --- Banks and Banking --- Exports and Imports --- Public Finance --- Corporate Taxation --- Business Taxes and Subsidies --- Trade: General --- Taxation, Subsidies, and Revenue: General --- International Lending and Debt Problems --- Personal Income and Other Nonbusiness Taxes and Subsidies --- Public finance & taxation --- International economics --- Corporate & business tax --- Banking --- Hospitality, leisure & tourism industries --- Revenue administration --- Consumption taxes --- Exports --- Debt service --- Income and capital gains taxes --- International trade --- External debt --- Spendings tax --- Income tax