Consultative meeting on tax amendments held

The American Chamber of Commerce in Mongolia

2018-03-06 11:30 GMT+8

Yesterday, Prime Minister U. Khurelsukh and Minister of Finance Ch. Khurelbaatar held a consultative meeting with business sector representatives regarding tax law reforms and amendments.

The Minister of Finance noted that   amendments were drafted on four key package laws and 20 subordinate laws. The amendments include major changes to the  VAT law. The amendments will be discussed and voted on during the spring parliamentary session and, if approved, will come into force on  January 1, 2019.

Prime Minister U. Khurelsukh said, “The government will follow a policy to support honest tax payers and employers. The level of responsibility for entities who have fairly reported their taxes but couldn’t pay them on time will differ from those who have intentionally misreported taxes. The amendments will reduce taxation on dividends and bank interest income in order to support investment and reduce loan interest.”

While answering questions from the meeting's participants, Minister of Finance Ch. Khurelbaatar while noted, “This is the first round of consultative meetings being held with business sector representatives. It is fully possible to include  proposals and suggestions from business entities in the amendments. Mongolia will organize an Investor’s Assembly in Mongolia, on March 26 to 27 of this year, and one of the themes of the assembly will be dedicated to tax reform and amendments.” 

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