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Transparent Mining reports on January performance and changes to the sector

By Ch.KHALIUN

The Ministry of Mining held its regular Transparent Mining meeting on Wednesday, presenting the sector’s statistics for January 2016 and reporting on new changes made to the sector’s regulations.
During the meeting, State Secretary of the Mining Ministry D.Artag reported that Mongolia exported 139,700 tons of copper concentrate, 475,200 tons of iron ore, 700 kg of gold, 1.2 million tons of coal, and 106,300 tons of oil in January. Last month, the Ministry earned 15.5 billion MNT, while the Mineral Resources Authority generated 1.8 billion MNT for the nation’s budget, and the Petroleum Authority of Mongolia generated 13.7 billion MNT for the state budget.
The meeting underlined that in order to support coal exporters the Cabinet approved draft resolutions on lowering royalty payments and coal customs tariffs. The royalty payment stood at 1,500 MNT per tons, but now the tariff has been lowered to 500 MNT per ton. D.Artag said that even though the decreasing of royalty payments will impact the state’s income, it will expand revenue for other taxes, including income tax from entities and other payments.
He said, “Lowering royalty and charging it according to agreement tariffs will provide the opportunity for maintaining many jobs for service providers at mines. However, if coal exporters don’t deliver their coal sales agreements and other relevant reports to the taxation departments, or inaccurately report royalty, they will be charged according to old tariffs.”

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Posted by on Feb 26 2016. Filed under Business & Economics. You can follow any responses to this entry through the RSS 2.0. You can skip to the end and leave a response. Pinging is currently not allowed.

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