Standing Committee approves tax exemption for farm equipment

On Tuesday, the Standing Committee on Budget approved and sent to Parliament draft laws that would exempt agricultural equipment from value-added and customs taxes.


The draft laws were submitted by the Government and a group of MPs headed by Deputy Speaker G.Batkhuu. The draft laws would exempt farm machinery, fertilizers, irrigation equipment, and other agricultural machinery and products from the taxes. O.Chuluunbat, who headed a working group that worked on the draft laws, suggested they be ratified by the committee, but committee members decided to send them to the full Parliament instead. Mongol Parliament approved a law that exempts many agricultural products from value-added and customs taxes in 2008 but the law was scheduled to expire on December 31, 2011. The draft laws would extend the tax breaks until December 31, 2016.

Source : News.mn

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