VAT Threshold to be increased to support SME`s

Mar 20 • Business, Economy, News • 2738 Views • No Comments on VAT Threshold to be increased to support SME`s

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The threshold money of the value-added tax (VAT) imposed upon an enterprise and person might become MNT 200 million.

A Vice Speaker of parliament M.Enkhbold received Tuesday a draft amendment to the law on the VAT from S.Byambatsogt, L.Enkh-Amgalan and B.Garamgaibaatar MPs.

By the current law, the VAT is imposed upon those who earn MNT 10 million a year, and this has been placing a burden on small-sized enterprises triggered increasing inflation rate, products price boost and a size of budgetary income. For this reason these MPs want to augment the size of the VAT threshold.

It is expected that the draft amendment will support business of the small- and middle-sized enterprisers and will abolish difficulties caused by the changes in currency and inflation rate, the initiators said.

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