By Elena Fehrbach
Mr. Kh.Temuujin, the Minister of Justice has submitted bills of new Laws for discussion in the Parliament.
Law on Economic Transparency and Tax Amnesty
According to the Minister, the aim of the new Law is to reveal and maximize the tax payments from the hidden sources of income. The Law also targets elimination of forged financial and tax reports without penalties applied.
Based on the new initiative, the draft regulation on granting the tax amnesty has been developed. Such initiatives are widely used in other countries globally and are considered to be one of the feasible measures aimed at supporting economic transparency and decrease of “hidden” capital.
The tax amnesty bill will also regulate the sanctions applicable to tax issues according to the administrative responsibility law and the criminal law.
Wording amendment in the Law on Pledge of Movable Properties and Intangible Assets
The Minister has suggested amending the wording in the Law so that it would create a better legal environment on putting movable and intangible assets into pledge “that would accelerate the national economic growth, increase investment and credit financing.” Based on the Law, all kinds of financial securities, design of products, trademarks, scientific and art works as well as movable properties can be items of pledge.