The council next to PM’s office introduced “Implementation of Economic Transparency Support law” and group of laws on Tax environment reformation, and exchanged views on the matters.
P.Tsagaan, Head of Presidential Office, also attended the meeting and discussed about business initiatives and difficulties suggested by residents in eastern provinces.
“Legal environment of tax and its financial reporting system had been previously amended three times until 2007. Thus we now plan to make number of changes into the law, considering today’s circumstances”, said Chief of Tax Authority B.Ariunsan.
The amendments to be made include: online tax reporting system, reduction in high amount of fine and interest, separation of tax-related crime from economic crime, cancellation of reporting to police authority, elimination of number of steps in inspection process, changes in amount of taxes and other issues.
Members of the economic council requested clarifications from Prime Minister on several matters and exchanged views, which include; supporting new business activities by not imposing tax for first three years, promoting positive results of works discussed and finalized at “Decision Time” of the Government, and replacing VAT with ‘trade tax”.
Moreover, Banking Association made following requests; “Focusing on strengthening security matter of current account and reporting to law enforcement authorities only in case of being confirmed by the account owner”, “Not imposing tax on revenues coming from saving account” and “the amount of savings in commercial banks have been greatly reduced so that imposing tax on savings revenues might event trigger customers to draw their money from banks.”
There are other suggestions such as; transparent tax reporting can be done by indexing all legal entities and registering through revenues and expenditures services, whilst integrated reporting of state revenues and expenditures can be centralized in single database.”
In addition, the ceiling amount of tax to be imposed on big companies can be set. It has been very risky for investors to be involved in mega projects, so that it is better to separate municipal tax policies from the projects.
The council next to PM’s office holds monthly meeting and discusses facing issues, policies and decisions.
In order to provide information to the economic council and improve work-flow between parties, economic council’s working group was established. The working group consists of experts who have previous experience in World Bank and International financial organizations, said PM.
Press and PR department of the Government
The council next to PM’s office introduced “Implementation of Economic Transparency Support law” and group of laws on Tax environment reformation, and exchanged views on the matters.
P.Tsagaan, Head of Presidential Office, also attended the meeting and discussed about business initiatives and difficulties suggested by residents in eastern provinces.
“Legal environment of tax and its financial reporting system had been previously amended three times until 2007. Thus we now plan to make number of changes into the law, considering today’s circumstances”, said Chief of Tax Authority B.Ariunsan.
The amendments to be made include: online tax reporting system, reduction in high amount of fine and interest, separation of tax-related crime from economic crime, cancellation of reporting to police authority, elimination of number of steps in inspection process, changes in amount of taxes and other issues.
Members of the economic council requested clarifications from Prime Minister on several matters and exchanged views, which include; supporting new business activities by not imposing tax for first three years, promoting positive results of works discussed and finalized at “Decision Time” of the Government, and replacing VAT with ‘trade tax”.
Moreover, Banking Association made following requests; “Focusing on strengthening security matter of current account and reporting to law enforcement authorities only in case of being confirmed by the account owner”, “Not imposing tax on revenues coming from saving account” and “the amount of savings in commercial banks have been greatly reduced so that imposing tax on savings revenues might event trigger customers to draw their money from banks.”
There are other suggestions such as; transparent tax reporting can be done by indexing all legal entities and registering through revenues and expenditures services, whilst integrated reporting of state revenues and expenditures can be centralized in single database.”
In addition, the ceiling amount of tax to be imposed on big companies can be set. It has been very risky for investors to be involved in mega projects, so that it is better to separate municipal tax policies from the projects.
The council next to PM’s office holds monthly meeting and discusses facing issues, policies and decisions.
In order to provide information to the economic council and improve work-flow between parties, economic council’s working group was established. The working group consists of experts who have previous experience in World Bank and International financial organizations, said PM.
Press and PR department of the Government