Ulaanbaatar
State Policy on Innovation approved
Economy
Within the policy, innovation-targeted activities of scientific organization, institutes and universities will be promoted, innovations of entities will be developed, advanced technologies will be introduced into public service as well as eco-friendly and economically efficient technologies will be developed in modern industrial and high-tech spheres.
The first phase of the eight-year policy will run in 2018-2021, focusing on creating legal environment to centralize capital and resources in leading economic and industrial sectors. In the second phase (2022-2025), it is planned to improve competitiveness of leading sectors of economy, industry and information technology and put a basis of knowledge economy.
In this regard, Ts.Tsogzolmaa, Minister of Education, Science, Culture and Sports, said “Within the policy, high-priced equipment and machinery that are required to produce innovation products, which were created with scientific and technological advancements at ‘start-up’ companies, will be exempted from customs duty and VAT. As of today, 21 start-up companies have applied the Ministry for tax exemption for 567 kinds of equipment and machinery worth MNT 29.5 billion. In the first hand, based on experts team conclusion, 11 start-up companies have been approved to enjoy the tax exemption of MNT 500 million for MNT10 billion-worth 148 kinds of equipment and machinery of innovation and Nano technology. These start-up companies are estimated to work with profit of MNT73 billion in the future. The privilege is designated for start-up companies only.”
