Ulaanbaatar
SMEs to import equipment without customs duty
PoliticsUlaanbaatar /MONTSAME/ During its session on February 2, Parliament adopted a revised bill on Customs duty.
In order to increase employment by promoting small and medium-sized enterprises (SMEs), and support manufacturing of products to replace import and increase export, the Mongolian Parliament adopted an act on exemption of customs duty for equipments imported the designated use of SMEs in June 2014.
To enforce the act, Cabinet issued a resolution within that year, finalizing a list of equipments and production tools to be exempted from customs duty and value-added tax. Though the resolution exempted 618 equipments of 31 types from customs duty, the exemption regulation ended on December 31, 2016.
As many requests have been forwarded by businesses to extend the regulation, 8 Members of Parliament formulated the bill. The Parliament thus voted up the bill on exemption of customs duty.
