Parliament approves package of measures to stimulate economyPolitics
Ulaanbaatar /MONTSAME/. On April 9, the Parliament approved a draft parliamentary resolution and accompanying bills on a package of measures to protect the health and income of people, preserve employment and stimulate the economy during the Covid-19 pandemic, which were submitted by the Government.
Accompanying bills include bills on tax reductions and exemptions for corporate income, exemptions for tax penalties and fines, tax exemptions for individual income, exemptions from custom taxes, exemptions from social insurance fee as well as others.
Within the resolution, the package of measures to be financed with MNT 5.1 trillion will be taken to support the country’s economy weakened by the coronavirus outbreak. For instance, all entities and companies are exempt from paying social insurance contributions for six months from April 1 until October 1, individual income tax will be waived for six months from April 1 until October 1, and the entities with revenues of less than MNT 1.5 billion are entitled to exemption of corporate tax for six months from April 1 until October 1. Moreover, for three months the government will pay monthly MNT 200,000 to each employee of private companies keeping their workers on their job despite the difficulties in their businesses and declining revenues as well as the monthly ‘Child Money’ allowance of MNT 20,000 to children aged under 18 is raised to MNT 30,000 for three months.