Gold is Exempt from 68 Percent Taxation

Majority of budget of our country comprises of 68 percent taxation or price increase of some products. This taxation is imposed on copper and gold. Yesterday, Economic Standing Committee of the Parliament discussed the draft law, initiated by the Government on nullifying the provision on imposing 68 percent windfall tax on gold. Members of the Democratic Party Council agree with this proposal. Gold mining did not drop down since imposing windfall tax on gold, however there is a fact that handing over gold to the Mongolbank reduced dramatically. MPRP group added gold to the 68 percent windfall tax on copper, initiated by members including N.Batbayar when the draft law was submitted for discussion. If the Government proposal is supported, windfall tax will no longer be imposed on gold and loyalty tax rate will be increased.

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