Ulaanbaatar
Mongolia makes first step to pull out of EU black list
Economy
Ulaanbaatar /MONTSAME/ Mongolia has become a member of the 'Inclusive Framework on Base Erosion and Profit Shifting' (BEPS), initiated and headed by the Organization for Economic Cooperation and Development (OECD).
Finance Minister Ch.Khurelbaatar made report on it on December 26.
On December 5, European Union has named 17 countries in 'tax havens' blacklist and Mongolia was included in the list. According to the EU, Mongolia is included in the black list for being not transparent on tax information and for not announcing the stocks engaged by foreign citizens in Mongolia.
In order to immediately tackle this issue, Government of Mongolia sent a letter to authority of the BEPS on December 20 and officially put its request to become BEPS member.
The OECD accepted the request and registered Mongolia as the 111th member state. Thus Mongolia made the first step to pull out of the EU’s black list.
Joining to the BEPS, Government of Mongolia is undertaking duties to amend Law on taxation to make tax information more transparent and tax collection, reporting and tax dispute resolution process meet international standards.
Finance Minister Ch.Khurelbaatar made report on it on December 26.
On December 5, European Union has named 17 countries in 'tax havens' blacklist and Mongolia was included in the list. According to the EU, Mongolia is included in the black list for being not transparent on tax information and for not announcing the stocks engaged by foreign citizens in Mongolia.
In order to immediately tackle this issue, Government of Mongolia sent a letter to authority of the BEPS on December 20 and officially put its request to become BEPS member.
The OECD accepted the request and registered Mongolia as the 111th member state. Thus Mongolia made the first step to pull out of the EU’s black list.
Joining to the BEPS, Government of Mongolia is undertaking duties to amend Law on taxation to make tax information more transparent and tax collection, reporting and tax dispute resolution process meet international standards.
B.Batchimeg
