Law to reveal the hidden economy is to be implemented for 4 months

Journalist B.Erdenechimeg

2015-09-01 15:38 GMT+8

Cabinet session was held yesterday on August 31st and made introductions of the regulations related with implementation of the Law to Support Economic Transparency.

On August 7th State Great Khural approved the Law to Support Economic Transparency which states one time pardoning of the citizens and entities from the taxes evaded and legal responsibilities to those who voluntarily will report:

  • hidden revenues or assets registered under another name both movable and immovable at the taxation,
  • customs declaration and
  • other registration authorities.

The Law to Support Economic Trasparency is to be implemented for four months and to be effective until 12AM of December 31st, which implies the timely implementation of the law. 

Legal assistance will be provided to the citizens and entities which will be available at the state financial, taxation, customs, state registration and social welfare entities.

The assistance will be given by officers with special training and who will provide non-disclosure guarantees as the information and data to be collected as stated above are categorized as sensitive and not be disclosed.

Online registration of the property and assets previously hidden or registered under different name is to be conducted 24/7 until 12AM of December 31st. Physical applications also to be received at designated spots to be announced later.

WHAT IS FORBIDDEN BY THE REGULATION?

It is forbidden to open criminal or administrative case based on the revealed information and it the data collected should not be disclosed and forbids to:

  • initiate investigation
  • use the data as evidence
  • probe once the data collected was received and registered call as witness.

Also it is forbidden to request for more data and information other than that was submitted and registered.

The period of non-disclosure of the collected data is unknown yet and the same goes with the measures and actions to be taken for officials in case of disclosure of the sensitive data.

Monitoring on the implementation of the law is to be supervised by Ministry of Finance, Ministry of Justice, Ministry of Population Development and Social Welfare, Taxation Authority, Customs Autority, State Registration Office and Social Welfare Authority. Regulations take effect after 7-14 days of approval and should be made public afterwards.

The law was initiated by the cabinet under the leadership of former Prime Minister N.Altankhuyag and is to be implemented within the year 2015, implying the results to be visible by early 2016.

The issue of the deputy ministers was not discussed during the cabinet meeting held yesterday.

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