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INTRODUCTION

Bhutan is a landlocked country in South Asia bordered by Tibet Autonomous Region of China, India and Tibet. Bhutan’s economy is based on agriculture, forestry, tourism and sale of hydroelectric power to India.

Thimpu is the capital and largest city.

The currency of Bhutan is Bhutanese Ngultrum (BTN / Nu).

Abbreviations:

BIT Business Income Tax
BTN / Nu Bhutanese Ngultrum
BIC / TPN Business Identification Code / Tax Payer Number
CIT Corporate Income Tax
Act Income Tax Act of the Kingdom of Bhutan, 2001
JSC Joint Stock Company
LLC Limited Liability Company
Ministry The Ministry of Finance
PE Permanent Establishment
RRCO Regional Revenue and Customs Office
Rules Rules on The Income Tax Act of Kingdom of Bhutan, 2001
RGOB Royal Government of Bhutan
SAFTA South Asian Free Trade Area
SCC Security Clearance Certificate
VAT  Value Added Tax
WHT Withholding Tax