GOVERNMENT AND FINANCIAL FREEDOM
Ulaanbaatar, Mongolia /MONTSAME/ At its regular meeting on Wednesday, the cabinet got familiarized with implementation of works reflected in the 1st phase of the National Strategy of Supporting Private Sector Development.
Then, S.Batbold PM obliged the ministers and the National Development and Innovation Committee (NDIC) to intensify the works. The strategy's first phase has 36 works, and 51 per cent of the 12 works for 2011 have been realized so far.
In the last three years, the government has worked out several draft amendments to the laws on taxes together with the private sector and NGOs. The next regular cabinet meeting will discuss draft amendments to the laws on income tax of enterprise, on value-added tax and on income tax of individual.
As the draft amendment to the law on the income tax for enterprise says, a businessman or an enterprise shall pay one per cent tax if their income will be less than MNT 50 million a year, and, if the income is 50 million or more, this enterprise/businessman shall be registered as a tax payer.
By amending these drafts, the cabinet is to start a financial reform for entities and business people nationwide.
B.Khuder
Then, S.Batbold PM obliged the ministers and the National Development and Innovation Committee (NDIC) to intensify the works. The strategy's first phase has 36 works, and 51 per cent of the 12 works for 2011 have been realized so far.
In the last three years, the government has worked out several draft amendments to the laws on taxes together with the private sector and NGOs. The next regular cabinet meeting will discuss draft amendments to the laws on income tax of enterprise, on value-added tax and on income tax of individual.
As the draft amendment to the law on the income tax for enterprise says, a businessman or an enterprise shall pay one per cent tax if their income will be less than MNT 50 million a year, and, if the income is 50 million or more, this enterprise/businessman shall be registered as a tax payer.
By amending these drafts, the cabinet is to start a financial reform for entities and business people nationwide.
B.Khuder
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