Organisation : Ministry of Finance
Facility Name : electronic Vehicle Quota System (e-VQS)
Country : Bhutan
Website : http://evq.mof.gov.bt/
What is MOF electronic Vehicle Quota System?
The MOF Electronic Vehicle Quota System (e-VQS), launched by Bhutan’s Ministry of Finance, is an online platform for applying for vehicle import quotas.
Related / Similar Facility : Bhutan MYRB ePEMS System
It simplifies the process and offers several advantages over the traditional paper-based system:
** Convenience: You can apply for a quota from anywhere with an internet connection, eliminating the need to visit government offices in person.
** Efficiency: The online system likely streamlines the application process, potentially leading to faster approvals.
** Transparency: The e-VQS might offer features to track your application status and stay updated on the progress.
** Reduced Burden: It minimizes paperwork and administrative tasks for both applicants and the Ministry of Finance.
How To Apply For MOF Vehicle Quota in Bhutan?
To Apply For MOF Vehicle Quota in Bhutan, Follow the below steps
Steps:
Step-1 : Go to the link http://evq.mof.gov.bt/quota/application/new
Step-2 : Select Form
Step-3 : Fill the Online Application Form and
Step-4: Submit Form
FAQ On MOF electronic Vehicle Quota System
Frequently Asked Questions FAQ On MOF electronic Vehicle Quota System (e-VQS)
What are the documents to be uploaded to apply for Quota?
Ans: Duly filled relevant Quota Application form (download the form), signed and sealed by the concern authority.
How long will the Application take to get approved?
Ans: The application will get approved within 5 working days
What is the maximum size of the document to be uploaded?
Ans: 300Kbs.
What are the file format accepted?
Ans: jpg/JPEG, gif/GIF, pdf/DPF, docx/DOCX or doc/DOC
Vehicle Allotment:
1. What are the documents required to be submitted?
Duly filled in form counter signed by the Ministries/Dzongkhags and a copy of the latest promotion order.
2. How to apply for the procurement of pool vehicles?
Apply to the Director, Department of National Budget (DNB) with budget details. DNB will check the budget and seek approval of the Ministry of Finance and MoF will issue the final import/purchase authorization order.
Direct Tax Structure:
** Business Income Tax (BIT): 30% on net profit
** Corporate Income Tax (CIT): 30% on net profit
** Personal Income Tax(PIT)
** Property Transfer Tax: 5%
Business Income Tax (BIT)/Corporate Income Tax (CIT):
BIT:
BIT is a non-corporate business tax. It is levied @ of 30% on net profit. BIT is payable by all unincorporated business entities holding a trade license or registration certificate issued by the Ministry of Economic Affairs (MoEA).
CIT:
CIT is a corporation tax. It is levied @ of 30% on net profit. CIT is payable by those entities registered under the Company’s Act of the Kingdom of Bhutan, 2000.
BIT/CIT Registration:
Every business or company must register with the Regional Revenue & Customs Office (RRCO) from where the trade license or permit is issued or wherever the Head office is located within 3 months from the date of obtaining such trade license or permit.
Tax Filing:
Every business or company must file the tax returns (FORM BIT-2 for BIT payers and FORM CIT-2 for CIT payers), on a self assessed basis to the RRCO of registration before 31st March following the end of the income year.
Taxpayer Number (TPN):
TPN is a system generated alpha numeric number allotted to the taxpayers by the RRCO at the time of registration. It is issued in order to identify all tax transactions relating to a particular tax entity. TPN must be quoted as a reference in all the correspondences with the department to identify the taxpayer.