By Elena Fehrbach
Aug. 24 – The Ministry of Finance and the Ministry of Economic Development has released drafts of new laws and amendments to a number of current laws on the website of the Mongolian National Chamber of Commerce and Industry. According to the accepted practice, the Ministries are requesting representatives of foreign and local business and legal communities to comment on the drafts of the new laws.
The list of laws under amendment includes the following:
- General Taxation Law;
- Corporate Income Tax Law;
- Natural Resources Usage Fee Law;
- Environmental Pollution Fee Law;
- Value Added Tax Law;
- Customs Law;
- Personal Income Tax Law;
- Customs Duty Law;
- Inheritance and Gift Tax Law;
- City Tax Law;
- Subsurface Fee Law;
- Mining and Oil Fee Law;
- Property Tax Law;
- Law on Lottery;
- Registration of cash and non-cash payment and rewarding.
Among other issues, the proposed drafts assume to cover issues related to detailed taxation rules for the mining sector, taxation of foreign legal entities operating in Mongolia (permanent establishment concept, place of effective management concept and source of income concept), changes to PIT rates, changes to VAT registration threshold and VAT treatment of exported mining goods.