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Economy / Mongolia News / Politics / December 25, 2015

Unreported income of 6.1 trillion MNT revealed under economic transparency law

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A total of 6.1 trillion MNT in unreported, equivalent to 27.9 percent of 2014 GDP, has been unveiled and declared since the economic transparency law went in force, Prime Minister Ch.Saikhanbileg announced during the delivery of a report on the performance economic transparency law given at last Friday’s joint parliamentary meeting.
“The government is taking measures in four basic directions in order to implement the ated to providing citizens with information related to laws, is now in operation to improve communication with individuals anlaw on economic transparency, which will allow a one-time exemption from legal liability for an individual or a legal body which has declared their concealed and unregistered assets and income on their own,” said the Prime Minister, mentioning that the website, dedicd entities.
According to the report presented, under the economic transparency law some 1.2 trillion MNT (taxes equivalent to 18.8 percent of 2014’s tax income) and undue losses of 362.1 billion MNT have been exempted from interest payment. The Prime Minister emphasized, “This proves that implementation of the economic transparency law has become a great form of state support to business owners, and shapes a pleasant environment for domestic investors and businesspeople to proceed with their operations sustainably.”
He said that many requests are being submitted by individuals and entities to extend the law’s deadines, as they say it takes a lot of work and time to organize documents and the timeframe of the law is really short.
“The economic transparency law expires on December 31, 2015. Therefore, the Cabinet will work hard in the remaining days to intensify implementation of the law, giving every individual and legal entity an understanding of tax laws and create opportunities to use the chance for a one-time exemption allowed by the law,” noted Ch.Saikhanbileg.


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