5. New VAT Law takes effect to combat shadow economy

The revised Value-added tax law adopted by Mongolian Parliament in July 2015 came into effect on January 1, 2016.

The Cabinet considered that implementation of the new VAT Law will result in a greater VAT-sourced revenue and tackle undeclared economy with broader citizen participation. Two main policy changes directed at increasing citizen participation were 20 percent VAT refund and introduction of VAT lottery.

6. Mongolia fully supplies its domestic wheat demand

On the national level, 475.8 thousand tons of crops including 460.7 thousand tons of wheat, 153.7 thousand tons of potatoes, 93.5 thousand tons of vegetables were harvested.

The above numbers indicate that Mongolia fully supplies its domestic demand of wheat and potatoes.

7. Mongolia bags four medals at Rio Olympics

The 31st Summer Olympic Games were held in Brazil's capital city, Rio de Janeiro bringing joy and excitement around the globe. Mongolian athletes grabbed 1 silver and 3 bronze medals.

Mongolia sent its biggest Olympic team yet consisting of 43 athletes to the Olympic Games.

8. Infrastructure development – Construction of New Ulaanbaatar International Airport and Oyu Tolgoi Underground mine

In 2016, two major projects have progressed in Mongolia. The New Ulaanbaatar International Airport is being constructed in Khushig Valley, Tuv Aimag. The Mitsubishi-Chiyoda Joint Venture of Japan has been working as the main Contractor with Samsung C&T of the Republic of Korea as the Prime Sub-contractor. The construction work will be fully finished on 10th of January 2017.

After being suspended for about two years, the Oyu Tolgoi underground mine development restarted on May 7. The development of the Oyu Tolgoi underground mine became possible with the signing of a US$4.4 billion project financing agreement with 15 commercial banks.

9. His Holiness the 14th Dalai Lama pays a religious visit

On November 18-23, His Holiness the 14th Dalai Lama graced Mongolian Buddhists on his 9th religious visit to Mongolia, following an invitation by D.Choijamts, Khamba Lama of Gandantegchenling Monastery.

10. Order of Chinggis Khaan bestowed to famous opera singer

State Honored Artist, opera singer G.Ariunbaatar was presented with the Order of Chinggis Khaan on the Day of Mongolian Pride, thus becoming the 10th and the youngest winner of the most reputed award in Mongolia.

The Grand Prix and Gold Medal Winner of the 15th International Tschaikovsky Competition is currently employed as a soloist of the Mariinsky Theatre and the Buryat State Academic Opera and Ballet Theater in Ulan-Ude, Russia as well as of the ‘Suld’ ensemble of the Mongolian Police Academy.