NAT'L BUSINESSMEN AND ENTERPRISERS TO BE BACKED BY TAX POLICY
Ulaanbaatar, Mongolia /MONTSAME/ The cabinet meeting on Wednesday discussed and backed a draft amendment to the law on value-added tax, and decided to submit it to the State Great Khural.
As the draft says, if the income of a businessman or an enterprise that issue VAT declaration is 50 million or more a year, this enterprise/businessman will be registered as a tax payer, and that a businessman or enterprise will pay one per cent tax if their income is less than MNT 50 million a year.
At the meeting, the Ministry of Finance considered as necessity to exempt imported wood, logs, planks and semi-manufactured wood from the tax because it is urgently needed to provide wood factories by raw materials.
B.Khuder
As the draft says, if the income of a businessman or an enterprise that issue VAT declaration is 50 million or more a year, this enterprise/businessman will be registered as a tax payer, and that a businessman or enterprise will pay one per cent tax if their income is less than MNT 50 million a year.
At the meeting, the Ministry of Finance considered as necessity to exempt imported wood, logs, planks and semi-manufactured wood from the tax because it is urgently needed to provide wood factories by raw materials.
B.Khuder
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