The government has decided to stick with the bill to amend the Law on Corporate Income Tax submitted to parliament, after deliberating whether to revise it. In doing so, parliament will re-discuss the initially submitted bill.
According to the bill, a business with sales income of no more than MNT 1.5 billion will have a corporate income tax rate of one percent in the following sectors: food, clothing and textiles, construction materials, agriculture and livestock.
The government stated its goal is to ease the tax burden on small and medium-sized enterprises, hoping to create jobs in these sectors. Should parliament approve the bill developed by the government, it will take effect starting January 1.
The government has decided to stick with the bill to amend the Law on Corporate Income Tax submitted to parliament, after deliberating whether to revise it. In doing so, parliament will re-discuss the initially submitted bill.
According to the bill, a business with sales income of no more than MNT 1.5 billion will have a corporate income tax rate of one percent in the following sectors: food, clothing and textiles, construction materials, agriculture and livestock.
The government stated its goal is to ease the tax burden on small and medium-sized enterprises, hoping to create jobs in these sectors. Should parliament approve the bill developed by the government, it will take effect starting January 1.