of "labor contribution". Taxes in kind were gradually phased out in favor of nominal monetized taxes on land, property, business income, and consumption of good and services. In 1961, the National Assembly established the Gyaltse Kha Lowa (Accounts and Audit Committee) to oversee government revenue and properties. In 1968, the National Assembly made the Gyaltse Kha Lowa into the Ministry of Finance under the impetus of increasing development. In 1971, the Ministry saw the establishment of its Department of Customs, later to become the Department of Revenue and Customs, responsible for implementing much of the tax law. In 1974, the Royal Government began experimenting with decentralization, devolving some governmental powers – including taxation – to the municipalities of Thimphu and Phuntsholing. The Bhutanese government enacted major reforms to the tax structure in 1989 and again in 1992. The reforms of 1989 included Bhutan's first business income tax, replacing its previous 2% turnover tax; abolishing export and nuisance taxes; and exempting plant machinery from sales and import duties. The 1992 reforms aimed to simplify administrative procedures for compliance and transparency. See also Bhutanese legislation Constitution of Bhutan Local Government Act of Bhutan 2009 Tobacco Control Act Income tax Corporate tax Sales tax Property tax References External links