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The Royal Monetary Authority was established in 1982. The following year, it took on the responsibilities of issuing Bhutanese currency, managing external reserves, and operating foreign exchanges. [2] [3] In 1988, the Authority assumed the role of government banker, holding the bulk of government deposits and providing financing. [2]
Bhutan has regulated corporations since 1989, most recently under the Companies Act of 2000. These regulations include taxation of corporate income.: 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.
The Audit Authority is tasked with auditing the accounts of all departments and offices of the Government, and wherever public funds are used including the police and defence forces. The Auditor General submits an annual report to the King, the Prime Minister and Parliament.
The Government of Bhutan has been a constitutional monarchy since 18 July 2008. The King of Bhutan is the head of state. The executive power is exercised by the Lhengye Zhungtshog, or council of ministers, headed by the Prime Minister. Legislative power is vested in the bicameral Parliament, both the upper house, National Council, and the lower ...
Bhutanese nationality law is the law governing the acquisition, transmission and loss of Bhutanese citizenship. The Bhutanese Citizenship Act of 1985 was introduced by the Druk Gyalpo Jigme Singye Wangchuck, on June 10, 1985, modifying the definition of a Bhutanese citizen. The Act was implemented as part of a new national policy of Driglam ...
Elections in Bhutan are conducted at national (Parliamentary) and local levels. Suffrage is universal for citizens 18 and over, and under applicable election laws. In national elections, also known as the general elections, political party participation is mainly restricted to the lower house of Parliament, and by extension, to the executive nominated by its majority
The Ministry of Foreign Affairs and External Trade ( ཕྱི་འབྲལ་དང་ཕྱིར་ཚོང་ལྷན་ཁག) is the Bhutanese government ministry which oversees the foreign relations of Bhutan. The Royal Government of Bhutan established the Development Ministry in 1968, which was a precursor to the institution of the ...
t. e. Bhutanese legislation is created by the bicameral Parliament of Bhutan. Either the Monarch Druk Gyalpo or the non-partisan house National Council or the seat of the Government National Assembly may admit bills into Parliament to be passed as acts, with the exception of money and financial bills, which are the sole purview of the National ...