Mongolia Brief April 9, 2014
”Mongolia
Mining 2014” expo
April 9
(news.mn) The 4th edition of Mongolia Mining expo will be held at Buyant-Ukhaa
Sports Palace for three days from April 10th – April 12th 2014.
This year the
expo is expected to be larger than all previous editions with 120 exhibitors
from 16 different countries.
At the expo,
the Ministry of Mining of Mongolia, Mineral Resource Authority and Nuclear
Energy Agency will deliver presentations on Mongolia`s mining development, and
future perspective. And there will also be a business meeting by the
Association of British Mining Equipment Companies with Mongolian
businessmen.
This most
important technological event will be attended by global leading US firms “Joy
Global”, “Caterpillar”, “Cummins Inc”, German manufacturing company “SEW
Eurodrive”, Russian “Uralmashzavod”, Japan`s Mitsubishi subsidiary “Ryoko
Sangyo”, Australian “Scantech”, Turkey’s “Sahinler metal” and Polish
“Sempertrans”.
Mongolia Mining
2014 is held by its traditional organizer Minex Co., Ltd jointly with Expo
Mongolia Co., Ltd and the International Expo Bureau of Mongolia. It is being
supported by the Ministry of Mining of Mongolia, the Mongolian National Chamber
of Commerce and Industry, the Mineral Authority of Mongolia and the Oil
Authority and Nuclear Energy Agency.
Health
Minister visited China
April 9
(news.mn) Health Minister Mongolia, N.Udval paid and official visit to China
upon Chinese Minister of National Health and Family Planning Commission, Li Bin
between April 2-4th.
Health Minister Mongolia N.Udval had talks with her counterpart Minister of National Health and Family Planning Commission of China, Li Bin and exchanged views on bilateral cooperation on health sector.
Health Minister Mongolia N.Udval had talks with her counterpart Minister of National Health and Family Planning Commission of China, Li Bin and exchanged views on bilateral cooperation on health sector.
At the official
talks Health Minister N.Udval introduced reform policy on health sector
implemented by the government of Mongolia suggesting to exchange experiences
over traditional science of medicine, involve public in health insurance system
and first aid service and cooperate for joint research of infectious
diseases.
Parties agreed
to encourage bilateral cooperation of inter-organizations associated with
health service, broaden activity against infectious diseases, conduct joint
scientific studies, and support mutually each other to exchange medical
specialists.
Related:
Health
Minister Visits China – Montsame,
April 9
Tax
reform
April 9
(Mongolian Economy) There is a Mongolian proverb: “Taxes exists for the state.”
Everyone has heard this saying, but some have never taken it to heart. Perhaps
it is because the tax system was not introduced until 1992, and the system here
is immature compared to other countries. But some progress has been made since
then.
It was very
difficult to communicate with tax officers before 2000. Back then it was a
challenge to file your taxes if you did not know anyone who worked at one of
the local tax offices. The few large tax payers that existed then were
state-owned companies such as Erdenet Mining Corporation, APU and Mongolia
Telecom as well as some private companies.
Things have
changed quite a bit since then. Much of the old red tape within tax departments
has been cut and receiving tax services is now easier than ever now that online
filing is available.
“This year, 70
percent of all entities in Mongolia are to be transferred to the e-reporting system.
E-receipts are also expected to be launched for value-added tax,” said Finance
Minister Chultemiin Ulaan.
The mining
sector makes up 90 percent of total exports, and copper and coal make up the
largest portions of those minerals. The government plans to launch the second
phase of its tax reform from 2014 to 2017. This second phase will be used to
encourage investment to have the added benefit of supporting people in
business, small businesses, and employment.
The first
phase, which aimed to ease tax pressures and provide tax exemptions, was
launched from 2006 to 2012. This included the principle of four 10s. The result
was Mongolia had some of the lowest taxation in Asia, which helped attract
foreign investment and increase tax revenue.
For example,
tax department statistics show that the number of corporate tax payers rose 13
to 18 percent on average every year after the new tax scheme was introduced by
the end of 2012. The tax they pay comprised 12 to 20 percent of total tax
revenue for Mongolia last year, largely due to the booming mining sector.
The second
phase of tax reform will see more than 10 tax codes amended. The Ministry of
Finance submitted to the State Great Khural last February amendments to the
General Law of Taxation, the Personal Income Tax Law, the Corporate Income Tax
Law and the Value-Added Tax Law. The State Great Khural is expected to vote on
these amendments in the coming spring session.
The Khural also
received amendments proposed for the Special Income Tax Law and the Minerals
Law last month.
The Minerals
Law currently has the provision that specific tax and licensing fees are to be
paid in US dollars. The Finance Ministry has proposed that this be changed so
that the exchange rate has less influence on the amount of tax collected.
Amendments
proposed for the Corporate Income Tax Law and the Personal Income Tax Law also
aim to benefit small business and employment. A 90 percent refund is available
to any company earning less than MNT 1.5 billion a year, with exception to companies
operating in mining, mobile telecom, tobacco and alcohol, or banking and
finance.
The developers
behind the amendment to Mongolia’s regulations for value-added tax (VAT)
realised the threshold for tax payment needed to be higher. Companies have had
to pay VAT if they earned more than MNT 10 million a year since 1998. Meanwhile
inflation has grown by some 10 percent each year since then. If adjusted for
inflation, that threshold should have increased to MNT 42 million.
Deputy Director
of the fiscal affairs department at the International Monetary Fund Michael
Keen and former professor at the University of Toronto Jack Mintz have proposed
a new threshold of MNT 50 million for VAT. The amendment includes a provision
that a company may voluntarily pay tax if earnings range between MNT 10 million
and MNT 50 million as well.
The endless
complaints about VAT have proven that submitting tax forms is difficult for
small companies under the current scheme. Raising the minimum payment threshold
would remove the need for them to pay at all.
Corporate
income tax falls under two brackets: those who earn less than MNT 3 billion pay
10 percent on earnings and those that earn more pay 25 percent. The government
is also to move forward so all these taxes can be paid online.
More of these
kinds of reforms will likely boost tax payments and prevent accidental
infringements against the tax code.
Speaker
of Myanmar Parliament Thura Shwe Mann to Conduct Official Visit to Mongolia
April 9
(infomongolia.com) According to the Foreign Ministry of Mongolia, a delegation
of the Myanmar Parliament led by Speaker of the Lower House Thura U Shwe Mann
is conducting an official visit to Mongolia on April 12-15, 2014.
The Assembly of
the Union (Parliament) is the national-level bicameral legislature of the
Republic of the Union of Myanmar established by the 2008 National Constitution.
The Assembly of
the Union (Pyidaungsu Hluttaw) is comprised of Upper and Lower Houses, the
House of Nationalities (Amyotha Hluttaw) and the House of Representatives
(Pyithu Hluttaw).
Mongolian
delegates led by the President Ts.Elbegdorj conducted a three-day state visit
to the Republic of the Union of Myanmar on November 18-20, 2013, and during the
visit President Ts.Elbegdorj held an official talks with the Speaker of the
Lower House Thura U Shwe Mann discussing to broaden bilateral relations and
cooperation at the Myanmar Parliament Palace.
Related:
Speaker
of Burmese House of Representatives to Visit – Montsame, April 9
Nuclear
Energy Agency to Propagandize Proper Use of Safe Nuclear Technology in Mongolia
April 9
(infomongolia.com) The Academic Council affiliated the Nuclear Energy Agency of
Mongolia held its regular meeting in Ulaanbaatar on April 08, 2014.
During the
meeting participants exchanged views on world experiences how leading uranium
miners allocate monetary fund in their State Treasury, its standard and volume,
after which attended scholars issued recommendations relied on Mongolia’s
Nuclear Energy Law based on Article 28.9*.
Also, the
meeting was purposed to give public understandings that proper using of safe
nuclear technology would bring economic benefit. However there is a common
understanding among public that uranium exploration is toxic, but scientists
are trying to deny and concluded this misunderstanding is needed to fix.
Moreover,
meeting attendees mentioned it is not a time to debate whether yellow powder
and uranium are toxic or not, instead should introduce its radiation dose rates
on consumption and promote public education to adequate information about safe
uranium exploration in terms of ecology and environment compare to
international standards.
Head of the
Nuclear Energy Agency N.Tegshbayar emphasized, “Our Agency conducts an activity
to commercialize the radioactive minerals into economic circulation”.
Where
Academician B.Chadraa added, "The one kg of uranium can produce energy
equivalent to 2,100 tons of gasoline.
Therefore, we
should give correct understandings to public, how it is significant and
Mongolia will develop if to consider how important energy resources we have”.
Following the
meeting, direct-reading and alarming electronic personal radiation detector
“Dose RAE 2” were handed to authorities of National Emergency Management
Agency, Police Department, Central Intelligence Agency, General Staff of the
Armed Forces, National Cancer Center, Nuclear Diagnostic Section of the
Hospital No.1, Nuclear Research Center of the National University, University
of Science and Technology, National Institute of Forensic Science, National
Influenza Center and the State Central Veterinary Laboratory.
From the Nuclear Energy Law of Mongolia
Article 28.9.
The license holder shall allocate monetary fund in the State Treasury as a
guarantee of implementing his liabilities on protection of environment and
prevention from nuclear and radiation accident.
Deputy
Foreign Ministers of Mongolia and Russia to Meet in Moscow
April 9
(infomongolia.com) Deputy Minister for Foreign Affairs of Mongolia D.Gankhuyag
will attend a consultative meeting between Foreign Ministries of Mongolia and
the Russian Federation at the Deputy Ministers' level in Moscow on April 10-11,
2014.
During the
consultation, Deputy Minister D.Gankhuyag will meet Deputy Minister for Foreign
Affairs of the Russia Federation Igor Vladimirovich Morgulov to exchange views
on bilateral issues concerning political, economic, cultural and humanitarian
relations, also on regional and multilateral cooperation and discuss further
measures to implement.
The previous
Deputy Foreign Ministers’ level consultative meeting between D.Gankhuyag and
I.V.Morgulov was held in Ulaanbaatar, Mongolia on August 29, 2013.
Mongolia-Russia
Consultative Meeting to Be Held
Ulaanbaatar,
April 9 (MONTSAME) The Vice Minister of Foreign Affairs D.Gankhuyag will take
part in a Mongolia-Russia consultative meeting between the Ministries of
Foreign Affairs on April 10-11 in Moscow, Russia.
Within the
upcoming event, Mr Gankhuyag will hold a meeting with his Russian counterpart
Mr I.V.Morgulov to exchange views on the bilateral relations in the politics,
economics, culture and humanitarian sectors. They also will consult on measures
to be taken for the sake of the ties.
Agenda
Fixed to Discuss
Ulaanbaatar,
April 9 (MONTSAME) The Chairman of the State Great Khural (parliament)
Z.Enkhbold Tuesday issued an order on fixing agenda that will be discussed by
the spring session.
The considered
will be an implementation of the 2013 basic guidelines for social-economic
development of Mongolia; the 2015 budget framework report for the master
budget, a draft law on 2016-2017 budget assumption; a draft resolution of
parliament on approving the 2013 budget performance, the 2013 financial master
report of government; draft resolutions of parliament on giving directions to
government on some measures for activating the economy, on approving the 2015
basic guidelines for social-economic development and on approving a list of
projects and programmes to be financed by the Development Bank of Mongolia
(DBM); a draft amendment to the law on government; bills on legal status of law
enforcers, on investigation service, on restricting activities of state-run
entities, and on “glass” account.
Others are
draft new wordings of the laws on land, on state registration of legal person
and on weapons; a draft resolution of parliament on green development concept
and approving a middle-term programme; draft amendment to the law on rule of
maintaining the law on banning mineral exploration and exploitation near water
sources, protected areas and forests; draft laws on index-based insurance, on
joint pension and on criminal procedure; and a draft resolution of parliament
on approving a state policy on auto road transportation.
In the next
part, the session is to discuss bills on trade and on rendering mercy; draft
amendments to the laws on pre-school education, on education and on state
service; and others.
Other bills,
amendments and resolution, which are not reflected in the order, will be
considered at the session after discussing them at relevant councils.
Obligations were given to heads of the Standing committees and the
Parliamentary Office chairman to ensure a preparation for the discussion of the
documents.
“Let’s
Reform and Solve” Meeting Takes Place
Ulaanbaatar,
April 9 (MONTSAME) This weekly meeting introduced some reforms made in the
citizenship and migration matters on Tuesday.
In accordance
with the law on border checkpoints adopted late 2013, the Foreign Citizen and
Citizenship Agency has changed into the General Agency of Citizenship and
Migration (GACM), transmitting into new functions and structure. It was a main
focus of the meeting.
"The GACM
is to create new services and to introduce new rules and culture in our works.
The legal environment, human resources, budget, services and border checking
and all functions have transferred into a ‘smart’ regulation. The budget has
become more transparent, so we intend to make our agency a corruption-free
environment," the GACM head D.Purevdorj said.
Four key laws
on regulating the sector’s actions have been amended, and 86 rules reduced to
44, cutting down many burdens. “This is one of good examples of the best
exploitation of human resources and capabilities," Purevdorj emphasized.
Issuing of the
Mongolian visa has become faster after authorizing border inspectors to issue
the visa and transmitting into a new system of responsibility, he said. “As the
result of decentralizing visa-related authority, 2,000 visas have been issued
since May 1 of 2013 at the Altanbulag border checkpoint. This number was 320 in
2012,” he added.
The GACM has
taken up extra functions to protect Mongolians abroad and to ease the procedure
of having foreigners pass the state borders. The capability of passing foreign
people through the borders has doubled after starting to register their
fingerprints at the border checkpoints, Purevdorj said.
Moreover, the
GACM is collaborating with the diplomatic missions of Mongolia abroad to
prevent violation of Mongolian citizens’ rights in foreign countries, and
intends to finish the “E-immigration” project by 2016 with a purpose to
establish a general data system of citizenship and migration registration and
control, Purevdorj emphasized.
Defense
Secretary to Discuss Here Regional Security Matters
Ulaanbaatar,
April 9 (MONTSAME) The US Secretary of Defense Mr Chuck Hagel is to pay a visit
to Mongolia on Thursday.
Mr Chuck Hagel
is on his fourth official trip to the Asia-Pacific region to convene a meeting
with counterparts in Japan, China and Mongolia.
Arriving in
Mongolia, Mr Hagel will meet with Mongolian government and military leaders to
discuss regional security matters and ways to enhance the U.S.-Mongolian
cooperation. This is the second U.S. Defense Secretary's visit to Mongolia, and
the first since 2005.
Ambassador
Meets Economic Development Minister
Ulaanbaatar,
April 9 (MONTSAME) Before heading for Germany, a newly-appointed Ambassador of
Mongolia to Germany Ts.Bolor met with Economic Development Minister N.Batbayar.
Earlier, the
Ambassador had asked the Minister to meet to get advice on line of activities.
The Minister
gave directions to Mr Bolor, advising him to endeavor for successful
realization of a coal liquefaction project that has been considered within the
cooperation of the two countries. He also told the Ambassador to explore
opportunities to transport through Mongolia the goods circulation from Europe
to China, for Europe-Asia foreign trade circulation has been increasing year by
year.
The Minister
proposed presenting to the German companies the Mongolian Government’s road
projects that have been planned to be implemented through concession
agreements, as Germany has great experiences in road and bridge engineering.
Mr Batbayar
also requested the Ambassador to explore opportunities for introduction of
pension system of Germany to Mongolia and chances of meat exports and washed
coal sales from Mongolia to Germany.
“German
House 2014” Exhibition to Be Mounted
Ulaanbaatar,
April 9 (MONTSAME) In frames of the 40th anniversary of the Mongolia-Germany
diplomatic relations, an exhibition named “German House 2014” will be mounted
April 11-13 in the “Misheel Expo” center in Ulaanbaatar.
The exhibition
is to show quality and standards of Germany-made construction materials. It
will be participated by representatives of Germany’s Oventrop, Kermi, Wilo,
Haro and Wuerth brands.
Some 30
companies engaged in construction materials, tools, electric facilities,
plumbing and interior design will advertise their products and materials.
Province
Freezes Vodka Production
Ulaanbaatar,
April 9 (MONTSAME) Dornogovi Governor P.Gankhuyag has recently informed the
President Ts.Elbegdorj on the locality’s vodka production freezing since April
3.
The province
administration also sent a letter to Industry and Agriculture Minister
Kh.Battulga, appealing to cancel licenses of alcoholic beverage production
granted to two local manufacturers--Dornyn Govi LLC and Business Shand LLC--and
not to allot any new licenses to the provincial producers.
This action of
the province leader supports an earlier initiative of the President
Ts.Elbegdorj and sets a fine example of ongoing alcohol abstinence movements in
communities.
Reconciliation
Center Established to Mediate Business Disputes
Ulaanbaatar,
April 9 (MONTSAME) A business dispute reconciliation center has been
established within the National Chamber of Commerce and Industry.
To render
international reconciliation services, the center has established employment
contracts with 15 reconcilers, after a selection process held in cooperation
with the Reconcilers Council of Mongolia.
The center will
mediate business disputes in an international level, an officer says. Before
the establishment of this non-governmental independent body, Mongolia passed a
law on reconciliation to create legal environment of providing such services.
Rare
Quintuplet Goats Born in Dornogobi
Ulaanbaatar,
April 9 (MONTSAME) A red goat of a herder G.Purev in eastern Dornogovi province
gave birth to quintuplets on March 31.
It usual for
goats to give birth to twins, but delivering quintuplets is extremely rare.
Prior to this occasion, Mr Purev had received overwhelming multiple births from
their goats in 2012.
A survey says
that the biggest factor influencing multiple births in goats is pre-breeding
nutrition.
The Mongolian
goat is a beneficial livestock that has high effectiveness and independent
capabilities. Since 1990, numbers of oxen have increased substantially, horses
increased a little, sheep decreased, camel stayed the same but goats increased
by leaps and bounds. In 1990 there were 5 million goats, the present day this
number has reached 19 million and accounts for almost 40% of livestock.
“Inclusive
Insurance-2014” Int’l Forum to Run
Ulaanbaatar,
April 9 (MONTSAME) The Financial Regulatory Commission (FRC) of Mongolia and
the United Nations Development Programme (UNDP) will host an international
forum on "Inclusive Insurance-2014" on April 16-17 in
Ulaanbaatar.
This jointly
organized forum will be a first for the financial sector in Mongolia.
International delegates will come from some ten countries, including South
Korea, China, Japan, Hong Kong, Taiwan, India, Bangladesh and Philippines.
Moreover, it will be participated by Mr Ch.Ulaan, the Minister of Finance; Mr D.Bayarsaikhan,
a chairman of the FRC; and by Ms Sezin Sinanoglu, the UNDP Resident
Representative to Mongolia.
An important
objective of this forum is to encourage sharing the knowledge and experiences
on inclusive insurance from international and local speakers. The forum will
bring together international insurance experts, international insurance
regulators, technical insurance experts and development agencies, Mongolian
political and business leaders, Mongolian insurance companies and financial
sector stakeholders. The Insurance Association of Mongolia will organize an
expo of insurance services in Mongolia during the Forum.
2014 is an
important milestone year for Insurance in Mongolia. 2014 is the 80th year of
Insurance in Mongolia and the 20th year of operations for FRC. The 5 year UNDP
supported project funded by Luxembourg Government "Capacity Development
for Micro-Insurance Market in Mongolia" will be completed in May of this
year. In April as a result of this project new and easy to access insurance
products for gers and small houses at an affordable premium will be available
in the market. A number of insurance companies have been actively designing
these new products with assistance from the UNDP project team. The product will
be available to a significant proportion of the Mongolian population for the
first time.
The forum
organizers see the forum as an ideal platform to launch the next stage of
development of the insurance industry in Mongolia.
Students
Play Basketball for Ambassador’s Cup
Ulaanbaatar,
April 9 (MONTSAME) The Mongolian Embassy in Singapore organized an
"Ambassador’s Cup" basketball tournament among students living in
Singapore and Malaysia on April 5.
The Ambassador
of Mongolia to Singapore B.Delgermaa opened the tournament, then all sung a
song about the motherland.
Last year, the
first edition of this tournament ran to select a basketball team to represent
Singaporean Mongolians in the Asia regional tournament of in the “Universiade
2013”, the third Mongolian students sport festival. This time, the tournament
aimed to expand into a regional competition.
Representing
the Mongolian youth residing in Singapore and Malaysia, a total of eight teams
played matches in two categories of men and women. The best men team was
awarded a Cup named after the Ambassador, while the leading women received a
gold medal and pecuniary awards.
Mongolian
Freestyle Wrestling Federation Announces Names to Compete in 2014 Senior Asian
Championship
April 9
(infomongolia.com) The International Federation of Associated Wrestling Style
(FILA) has entrusted the Kazakhstan Wrestling Federation to host the 2014
Senior Asian Championship in Greco-Roman, Freestyle and Female Wrestling to
take place in the Sports Complex “Daulet” in Astana on April 23-27, 2014.
Accordingly,
Mongolian Freestyle Wrestling Federation has announced the team composition to
participate with one wrestler per weight category in Freestyle and Female
Wrestling styles under coaches Ts.Tsogtbayar, O.Purevbaatar, B.Batbayar,
D.Batnyam and T.Ekhtuya.
Just to recap
the history of Mongolian freestyle achievements in the Senior Asian
Championships, male wrestlers grabbed a total of 84 medals: 23 Gold, 25 Silver
and 36 Bronze, where female wrestlers took 48 medals: 4 Gold, 19 Silver and 25
Bronze medals so far.
The latest Gold
medals were achieved by International Master of Sports (IMS) Ch.Ganzorig in the
Men’s freestyle category in 2006 and by Merit Athlete O.Nasanburmaa in the
Women’s freestyle in 2013 respectively.
Related:
FWFM
Announces Names for Asian Wrestling Championships – Montsame, April 9
‘Mongolian
Fluorspar’ Program Discussed
Ulaanbaatar,
April 9 (MONTSAME) The Mining Ministry, together with the Mineral Authority and
the Mongolian Fluorspar Association held Wednesday a discussion on the
‘Mongolian Fluorspar’ program.
‘Mongolian
Fluorspar’ is one of a few sub-programs that have been approved to be carried
out within the State Policies on the Minerals sector - with others being
‘Mongolian Gold’ and ‘Mongolian Coal’.
At the meeting,
the gathered consisting of policy makers and representatives of professional
associations discussed facing issues and prospects of fluorspar production in
the nation.
The
representatives of the Mongolian Fluorspar Association said standard prices and
taxation have become the most complicate issues of fluorspar production, and
noted this program should aim at growth of exploration and profits. They also
said that prices should be set according to an agreement between buyer and
seller.
Fluorspar is
not among top export items in Mongolia, but it is playing an increasingly
important role in the country’s economy. Total fluorspar production of 43
operational mines and 17 enrichment plants of the nation measured at 330
thousand tons in 2013, making it one of top five producers in the world.
Inner
Mongolian Cultural Days to Be Organized in Arkhangai Aimag June 20-25, 2014
April 9
(infomongolia.com) The People’s Government representatives of Inner Mongolia
Autonomous Region, the PR of China have conducted a two-day official visit to
Arkhangai Aimag of Mongolia on April 07-08, 2014.
The delegation
was led by Director of Propaganda Division at the People’s Government Press
Department N.Batjargal and aimed to organize cultural days of Inner Mongolia in
Arkhangai Aimag on June 20-25, 2014, and study opportunities for further
cooperation in social sector.
Before, such
cultural days were organized in Ulaanbaatar, Darkhan and Erdenet cities and
this is first event planned to be hosted in provincial region.
In conjunction,
authorities of Arkhangai have paid an official visit to Khukh Khot (Hohhot),
Inner Mongolia last March, where parties exchanged notes to collaborate in
health and press fields.
During the
upcoming cultural events in Arkhangai, Inner Mongolian officials plan to got au
fait with the Aimag Museum, Children’s Book Palace, “Tamir” and “AB” TVs,
besides to conduct free medical examinations by traditional medicine physicians
and to host photo exhibit, concert and book fair.
Stock
exchange news for April 9
Ulaanbaatar,
April 9 (MONTSAME) At the Stock Exchange trades held Wednesday, a total of 27
thousand and 962 shares of 32 JSCs were traded costing MNT 42 million 007
thousand and 271.00.
"Remikon"
/8,206 units/, "Moninjbar" /5,773 units/, "E-trans logistics”
/5,340 units/, "State Department Store” /2,507 units/ and "Material
impex” /1,078 units/ were the most actively traded in terms of trading volume,
in terms of trading value--"Material impex" (MNT 14 million 714
thousand and 700), "UB-BUK" (MNT six million and 210 thousand),
"Gutal" (MNT five million 686 thousand and 050), "Gobi"
(MNT three million 082 thousand and 955) and "Moninjbar" (MNT one
million 726 thousand and 900).
The total
market capitalization was set at MNT one trillion 608 billion 602 million 347
thousand and 932. The Index of Top-20 JSCs was 15,976.48, increasing by MNT
12.87 or 0.08% against the previous day.
Sales tax is a consumption tax, and is generally charged on the sale of products from retailers to individual consumers.
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