Draft proposals of VAT submitted to the Speaker
On Friday, Chief of the Cabinet Secretariat Ch.Khurelbaatar submitted to Speaker D.Demberel some draft proposals including bond market and small and medium production development.
The draft of bond market has been aimed to support bond market development and upgrade activity of stock exchange. Bond market has been grown along IPO and stock market estimation was accounted MNT620.7 billion in 2009, MNT1329.9 billion in 2010, MNT3219.2 billion in February, 2011 and MNT2100.7 billion in November, 2011.
Besides, the proposals of legislation regulation are needed for companies that issue shares at domestic and foreign markets and shares registration. Also the draft of bond market has been needed to issue IPO at foreign markets, previously noted some officials.
Ch.Khurelbaatar stated that the proposals have focused some purposes of the Government such as development of processing factories and small and medium sized production that have been mentioned at the Government program from 2008 to 2012 and the main principles of industry policy.
The proposals have had categories of small and medium sized factories in accordance of the international standards. Factories should be divided along sell income and employees number.
Moreover, Ch.Khurelbaatar submitted amendments of the law on VAT because of inflation increase and economic growth. The amendments have been processed by the meeting recommendation of entrepreneurs to set up VAT scale from MNT50 million or USD34,000. Proposed VAT scale would be an average level of VAT in comparison of the world countries.
Some other laws’ provisions such as organization income tax and Taxation General Law would be amended along the draft law on VAT.
The draft of bond market has been aimed to support bond market development and upgrade activity of stock exchange. Bond market has been grown along IPO and stock market estimation was accounted MNT620.7 billion in 2009, MNT1329.9 billion in 2010, MNT3219.2 billion in February, 2011 and MNT2100.7 billion in November, 2011.
Besides, the proposals of legislation regulation are needed for companies that issue shares at domestic and foreign markets and shares registration. Also the draft of bond market has been needed to issue IPO at foreign markets, previously noted some officials.
Ch.Khurelbaatar stated that the proposals have focused some purposes of the Government such as development of processing factories and small and medium sized production that have been mentioned at the Government program from 2008 to 2012 and the main principles of industry policy.
The proposals have had categories of small and medium sized factories in accordance of the international standards. Factories should be divided along sell income and employees number.
Moreover, Ch.Khurelbaatar submitted amendments of the law on VAT because of inflation increase and economic growth. The amendments have been processed by the meeting recommendation of entrepreneurs to set up VAT scale from MNT50 million or USD34,000. Proposed VAT scale would be an average level of VAT in comparison of the world countries.
Some other laws’ provisions such as organization income tax and Taxation General Law would be amended along the draft law on VAT.
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