Ulaanbaatar
Draft amendment submitted to law on income tax of entities
PoliticsUlaanbaatar /MONTSAME/ Some MPs Wednesday submitted to the Speaker Z.Enkhbold a draft amendment to the law on income tax of entities.
According to the draft, those entities located over 600 km from the capital city (in Bayankhongor, Dornod, Zavkhan, Khovsgol, Bayan-Olgii, Gobi-Altai, Uvs and Khovd aimags) and created at least three vacancies will enjoy 50% discount of the income tax for three years. Those entities located over 1,000 km from the city will have 90% discount of the tax, the draft initiators said.
However, this discount will not cover entities who are not engaged in mineral exploration and exploitation, importing of alcoholic beverages and tobacco, planting and producing such products, oil industry, mobile calling, construction and delivery of energy resources, electric lines, civil aviation, construction and repairing of paved roads, radioactive minerals and nuclear energy.
According to the 2014 performance of the master budget of Mongolia, the state budget collected MNT 621.2 billion from income tax of entities, while MNT 10.8 billion was placed in the budget from local tax offices, of which only MNT 2.6 billion accumulated from the above remote aimags.
The draft amendment to the income tax of entities aims to improve business environment in localities, to create and keep job places, to support living and working conditions, and to render support to entities in order to overcome the current economic difficulties, the draft initiators said.
