Archive for July, 2010

Hong Kong Listed Companies Rush to Mongolia

By , 22 July, 2010, No Comment

Hong Kong-listed Companies as Major Acquirers of Resource Assets in Mongolia. Over the last 12 months, Mongolia has become an attractive investment destination for the companies listed on the Hong Kong Stock Exchange (HKEx). Attracted by the country’s huge mineral resources, the HKEx-listed companies have become the biggest acquirers of Mongolia resource assets since the second half of 2009 ($966mn worth of M&A deals or over 90% of total). 

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Proposal to Change Personal Income Tax System

By , 13 July, 2010, No Comment

An MPRP MP, Mr. D.Baldan-Ochir, has told reporters that he would soon submit a proposal for wide ranging changes in the tax system.

He wants all citizens to be included in a general data base, where everybody’s income and assets will be registered. No income can be concealed, putting an end to the rampant tax evasion and bribery in today’s Mongolian society. The database will also help in the efficient delivery of social welfare benefits.

Mongolians “hardly ever volunteer information” on their sources of income or pay taxes on their total earning, he claimed. A “tax education” program to raise popular awareness has been initiated in partnership with JICA. This will include school lessons on the tax system and the duty to pay taxes.

A series of discussions are planned with the civil society, government officials, citizens and professionals to devise practical suggestions on reforming the personal income tax system.

Source: Unuudur; highlighted in the BCM Newswire by Business Council of Mongolia