10 votes were counted against the draft law on 68% tax
Law on price increase tax on some products and the 68% tax law were discussed on last Friday. The discussion continued throughout the day and the draft laws was supported and will go through the next session of Standing Committee on budget. 10 MPs were voted against as they think that this law should not be discussed by the SGK. MPs N.Batbayar, J.Batsuuri, B.Bat-Erdene, D.Gankhuyag, Ts.Davaasuren, Kh,Narankhuu, D.Odbayar, Sh.Saikhansambuu, Ts.Shinebayar, Z.Enkhbold were voted against. Some MPs wanted to reduce the 68% tax by some amount instead abolishing it. Examples were 34%.
The windfall profit tax was approved on May 12, 2006 to collect funds for building development factories to produce the final products domestically. The windfall profit tax generated 962.3 billion MNT to this date where 901 billion MNT was generated from price increase of copper and 61.3 billion MNT from price increase on gold. 864 billion MNT of these amounts were generated by Erdenet alone. The arguments are the children’s money, which is funded by the windfall profit tax. S.Bayartsogt, Minister for Finance explains that 546.5 billion MNT can be generated from profit tax on Erdenet factory and they can be able to make up the rest of the amount from other types of taxes. Abolishment of the windfall profit tax is not only aimed for the OT project but it is also a policy to ease Erdenet from tax pressure explains the working group of the Government.
10 votes were counted against the draft law on 68% tax
Law on price increase tax on some products and the 68% tax law were discussed on last Friday. The discussion continued throughout the day and the draft laws was supported and will go through the next session of Standing Committee on budget. 10 MPs were voted against as they think that this law should not be discussed by the SGK. MPs N.Batbayar, J.Batsuuri, B.Bat-Erdene, D.Gankhuyag, Ts.Davaasuren, Kh,Narankhuu, D.Odbayar, Sh.Saikhansambuu, Ts.Shinebayar, Z.Enkhbold were voted against. Some MPs wanted to reduce the 68% tax by some amount instead abolishing it. Examples were 34%.
The windfall profit tax was approved on May 12, 2006 to collect funds for building development factories to produce the final products domestically. The windfall profit tax generated 962.3 billion MNT to this date where 901 billion MNT was generated from price increase of copper and 61.3 billion MNT from price increase on gold. 864 billion MNT of these amounts were generated by Erdenet alone. The arguments are the children’s money, which is funded by the windfall profit tax. S.Bayartsogt, Minister for Finance explains that 546.5 billion MNT can be generated from profit tax on Erdenet factory and they can be able to make up the rest of the amount from other types of taxes. Abolishment of the windfall profit tax is not only aimed for the OT project but it is also a policy to ease Erdenet from tax pressure explains the working group of the Government.
Popularity: 6% [?]
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About the Author: Badrakh Batkhuyag
4 Responses to 10 votes were counted against the draft law on 68% tax
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10 votes out of how many?
10 votes out of 64.
They are
Batbayar.N (member of budget Committee)
Batsuuri.J
Bat-Erdene.B
Ganhuyag.D (member of budget Committee)
Davaasuren.Ts (member of budget Committee)
Naranhuu.H
Oyunhorol.D
Saihansambuu.Sh (member of budget Committee)
Shinebayar.Ts
Enhbold.Z
By the way there are 20 members in budget committee.
So 4 out of the 20 in budget committee are against.
Let’s hope the rest of the members are for it.
Badrakh,
I just read that the budgetary Committee Approves the repeal of Windfall Tax and Revised Law on Commercial Entities by 9 to 7 in its original form submitted by the Government.
If this is true then does it now go to the floor of SGK for final vote?