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Bhutan has regulated corporations since 1989, most recently under the Companies Act of 2000. [5] These regulations include taxation of corporate income. [5]: pp. 112–3, 120–1 As of 2011, Bhutan's Corporate Income Tax rate was 30 percent on net profits; in addition, the Business Income Tax was another 30 percent on net profits. [6] [7]
Bhutan's commercial bank, Bank of Bhutan, was established on 28 May 1968 [4] as a joint venture with the Chartered Bank of India, Australia and China, which owned 25% of the bank. [ 2 ] [ 5 ] In 1970, this share was transferred to the State Bank of India . [ 5 ]
It is also listed on the Royal Securities Exchange of Bhutan. [ 1 ] As of December 31, 2014, the bank's paid-up capital amounted to Nu 449.712 million, with ownership distributed among Punjab National Bank (51%), Bhutanese promoters (19%), and the general public (30%).
Company registration is done by the Registrar General's Department, [1] but this duty will be transferred to the new Office of the Registrar of Companies under the terms of the Companies Act, 2018. [2] Both resident Ghanaian companies and branches of foreign companies are required to register and obtain a permit before operating in Ghana. [3]
Bank of Bhutan (BoB) is the largest and oldest commercial bank in Bhutan. It was established under the provision of the royal charter of May 1968. [5] It was also the only central bank before the Royal Monetary Authority of Bhutan in 1982. It is registered under the Companies Act of Bhutan, 2000 as a public sector commercial bank. [6]
A new income tax law, passed in 1980 and effective 1981, determined only residence as the basis for taxation of worldwide income. [166] However, since 2006 Mexico taxes based on citizenship in limited situations (see above). [167] Bulgaria used to tax its citizens on worldwide income regardless of where they resided. [168]
The institute began operating as a professional body in 1978, and the Ghana Institute of Taxation was incorporated as a limited company on 2 May 1980. It became the Chartered Institute of Taxation on 8 February 2001. As of 2011 a draft bill was in the works to incorporate the CITG through act of parliament. [2]
Bhutan National Bank is a commercial bank founded in 1997 and located in Thimphu, capital of the Kingdom of Bhutan. [ 1 ] Bhutan National Bank Limited started operations as Unit Trust of Bhutan (UTB) on 25 July 1980, with an initial funding of Nu. 2.5 million by Royal Insurance Corporation of Bhutan .