| Tax Break for Mining Companies |
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| Written by Administrator | |
| Thursday, May 15, 2008. | |
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In an attempt to minimize tax pressure for gold mining companies, the government has this week drawn up draft amendments to the minerals law on gold. The draft laws aim to ease the tax burden on gold mining companies and to increase the volume of gold sold to the Central Bank of Mongolia, as well as fully allocating in the state budget the revenue gained from the sale of gold. The law also annuls the windfall tax in order to bring the royalty sizes in line with international standards. In May 2006, the Parliament approved a law on windfall tax on some products. Prior to this, the volume of gold sold to the Central Bank of Mongolia had been increasing year by year, but since 2006 it drastically decreased. Last year, 10.5 tons of gold was sold to the Central Bank of Mongolia, and a total of Tg72.1 billion windfall tax was imposed on gold extracted, but only Tg34.2 billion was allocated in the state budget. Rather than selling the gold, mining companies have been holding it to avoid paying the massive taxes imposed. |
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