European Council removes Mongolia from tax haven list

2018-01-24 07:47:29
Ulaanbaatar /MONTSAME/ Mongolia was removed from the European Union’s list of tax havens on January 23.

Eight jurisdictions have been removed from the EU's list of non-cooperative jurisdictions for tax purposes, following commitments made at a high political level to remedy EU concerns, said a press release issued by the European Council.

“Mongolia, Barbados, Grenada, the Republic of Korea, Macao SAR, Panama, Tunisia and the United Arab Emirates are moved to a separate category of jurisdictions subject to close monitoring”, it said.

The Council agreed that a delisting was justified in the light of an expert assessment of the commitments made by these jurisdictions to address deficiencies identified by the EU. In each case, the commitments were backed by letters signed at a high political level.

In an effort to leave the list, Minister of Foreign Affairs D.Tsogtbaatar took some urgent measures such as the appointment of an Ambassador-at -Large, forming of a working group made of representatives of the Ministry of Finance and the Ministry of Justice and Home Affairs, sending an official letter to Federica Mogherini, EU High Representative and Vice-President of the European Commission and Foreign Ministers of 28 EU member states, and reiterating Mongolia’s commitment to the EU Ambassadors in Mongolia.

As such, the delisting restores Mongolia’s opportunities to develop its cooperation with the EU and its member states.
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