Today, the first meeting of Budget Standing Committee session started with 52.6 percent attendance. Discussion of the draft Law on Economic Transparency was held and the Minister of Justice D.Dorligjav introduced the law draft.
The Government initiated the draft law and submitted to the State Great Khural on 12th of January, 2015. However, it was not supported during the spring session and returned to the Government. Therefore, the Government re-submitted the draft law.
This draft includes wider range of regulations compared with previous laws and includes not only social insurance, but also real estate registration and registration of legal entities and accounting matters.
Outcomes of approval and implementation of the draft law on economic transparency will reveal unregistered revenue and assets and put them into registration and will be taxed in accordance with the legislation, which expands the tax base and correct false financial statements and tax evasions without any interest or penalty.
MP Ts.Davaasuren said: "There are some issues related to this draft law. Some countries have experience in detecting income, which was concealed during economic crisis. However, the strategic deposits and companies which contracted to retain five percent of the revenue should be considered separately from this law. It is undeniable to have occasions of hidden money due to holes of economic system and form of legal framework were not refined."
He clarified whether there is an opportunity to consider following examples differently.
In response, the Minister of Justice D.Dorligjav "In accordance with the Government agreements with major entities, which provisions to not accept negative impacts of new legislation has been included. Therefore, it can not be considered differently and they are to get discount like other entities.
As no other members asked questions on introduction of the draft law, members supported the draft law and approved to discuss at plenary session of State Great Khural.
At the end of the meeting, resolution to establish working group to monitor fully implemented projects financed through 2008-2014 with the State Budget, reported by the Media and Public Relations Department of the Parliament.
Today, the first meeting of Budget Standing Committee session started with 52.6 percent attendance. Discussion of the draft Law on Economic Transparency was held and the Minister of Justice D.Dorligjav introduced the law draft.
The Government initiated the draft law and submitted to the State Great Khural on 12th of January, 2015. However, it was not supported during the spring session and returned to the Government. Therefore, the Government re-submitted the draft law.
This draft includes wider range of regulations compared with previous laws and includes not only social insurance, but also real estate registration and registration of legal entities and accounting matters.
Outcomes of approval and implementation of the draft law on economic transparency will reveal unregistered revenue and assets and put them into registration and will be taxed in accordance with the legislation, which expands the tax base and correct false financial statements and tax evasions without any interest or penalty.
MP Ts.Davaasuren said: "There are some issues related to this draft law. Some countries have experience in detecting income, which was concealed during economic crisis. However, the strategic deposits and companies which contracted to retain five percent of the revenue should be considered separately from this law. It is undeniable to have occasions of hidden money due to holes of economic system and form of legal framework were not refined."
He clarified whether there is an opportunity to consider following examples differently.
In response, the Minister of Justice D.Dorligjav "In accordance with the Government agreements with major entities, which provisions to not accept negative impacts of new legislation has been included. Therefore, it can not be considered differently and they are to get discount like other entities.
As no other members asked questions on introduction of the draft law, members supported the draft law and approved to discuss at plenary session of State Great Khural.
At the end of the meeting, resolution to establish working group to monitor fully implemented projects financed through 2008-2014 with the State Budget, reported by the Media and Public Relations Department of the Parliament.