Prime Minister U. Khurelsukh: We aim to be a fair businessman and a good taxpayer to reduce taxes

The Government of Mongolia has introduced a set of tax changes to encourage business environment and encourage investment.

The first debate on the introduction of the Tax Law Reform in the Mongolian National Chamber of Commerce and Industry today is the opening of the Prime Minister of Mongolia U.Hurelsukh.

He said,

- The Government of Mongolia is aiming to create an equitable tax environment for business-friendly and job creation. Fair businessman, it is a good idea to promote good taxpayers and reduce their tax costs. The principle is to combat tax avoidance and unfair competition.

Anyone who tries to do so shall be protected from any unlawful harassment of the state.

Taxes on this current tax are not enough to increase taxes, but they also emphasize that some taxes are being reduced.

He also introduced businesses to the fundamental principles and directions of the draft General Tax Law.

The annual sales revenue will be refunded 90% of the income tax paid by the industry to the budget of the small and medium business entities less than MNT 1.5 billion.

Individuals and businesses up to 50 million MNT annually pay their tax preferences at the rate of 1% of their sales income and make a simplified tax report once a year.

Depending on the unfavorable economic and business circumstances of the taxpayer, taxpayer can not afford to pay the tax due on time, and avoid the use of compulsory measures such as closing down the current account in the bank, and the taxpayer is obliged to pay the tax in full thereafter The law provides for the extension of up to 2 years.

The government is committed to reducing air pollution through housing. An indication of this is that the government has provided a regulation to support tax policy on housing purchases by double the size of the tax allowance for buying housing and the Prime Minister said.

The strongest economies in the world are all developed and developed based on their private sector. About 80% of Mongolia's economy is private. The Prime Minister of Mongolia U.Hurelsukh noted that businesses and investors are very important for tax-free business forums to make your business environment more exciting and fun and encourage you to participate actively and actively in the discussion of the Tax Law Draft.

Finance Minister Ch.Khurelbaatar introduced the principles and major changes to tax reform.

Taxes and tax reporting will be simplified by small and micro entrepreneurs. Taxpayers should be prevented from making mistakes and make recommendations for the development of the report. Reporting errors can be corrected within one year. Tax payable may extend two months to 24 months. The overpaid tax will be refunded. Taxpayer taxpayer will not be checked. The information was taken from the law on violation and eliminated the overlap between the law on General Taxation. The revised tax law talks will be held at the Ministry of Finance every morning. He also called on the entrepreneurs and the community to participate actively in the discussion.

During the discussion, businessmen asked questions and commented, and Minister of Finance Ch.Khurelbaatar and officials responded individually to the Government Media and Public Relations Department.

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