Ch.Ulaan New Tax Law is meeting with the expectation of SME

MP Ch.Ulaan, Minister for Food, Agriculture and Light Industry, commented about the New Tax Law during his interview to the National Post newspaper.

Q: The irregular session of State Great Khural adopted the new tax law on March 22 2019. How do you see the concept of the law. 

Ch.Ulaan: I feel that representatives of SME (small and medium enterprises) are welcoming the new law. The new law met with the expectation of the small and medium enterprises, because it was discussed for series of events, meetings, workshops, widely discussed and reflected many comments of the industry representatives, The law was adopted after year around discussion. I think we need state the real reason of news law. 

photo courtesy of ikon

First, Since the last tax reform of 2006, economy and business environment has rapidly changed, and henceforth the regulation is on demand to meet such challenges.

Two, with regards to the international tax relations has developed in rapid pace,  a new regulations and standards are introduced to prevent tax evasion actions of multi-national corporations and transparency in tax system is developed and protected national fiscal revenue base.

Third,  Harmonizing modern achievements of technology with the tax service, authority and management.

Four, Sorted out some unclear and repeated and even conflicting provisions of the previous law.

 

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