Ulaanbaatar
Private sector expecting justice and transparency from tax reform
Economy
Ulaanbaatar /MONTSAME/ At the Mongolia Economic Forum held on March 28, delegates touched on reform in tax law.
Minister of Finance Ch.Khurelbaatar presented about principle of reforming tax law and main changes to be made. Particularly, changes in tax law intends to ease process of imposing and reporting tax to micro businesses, small entrepreneurs, to extend terms of paying tax liabilities to twenty four months which is two months currently and to refund overpaid tax. In specific, 90 percent of paid income tax to the state budget to be refunded to small and medium enterprises which have selling income of less than MNT 1.5 billion a year.
Minister of Finance Ch.Khurelbaatar presented about principle of reforming tax law and main changes to be made. Particularly, changes in tax law intends to ease process of imposing and reporting tax to micro businesses, small entrepreneurs, to extend terms of paying tax liabilities to twenty four months which is two months currently and to refund overpaid tax. In specific, 90 percent of paid income tax to the state budget to be refunded to small and medium enterprises which have selling income of less than MNT 1.5 billion a year.
Private sector is expecting justice and transparency from the tax reform. "We see that one of Three Pillar development policy forwarded by the Government will be implemented through tax law. As of February, 2018, tax income of MNT 200 billion was collected and it is a tangible support from private sector," said President of the Mongolian National Chamber of Commerce and Industry B.Lkhagvajav.
Governor of the Bank of Mongolia N.Bayartsaikhan promised to soften monetary policy of 2018. The attendees noted that 30 percent of economy is hidden and it needs to tackle it through tax reform. They also put a proposal to establish Economic Institute at the Mongolian Academy of Sciences.
B.Batchimeg
