Erdenet JSC will pay MNT447.5 billion in taxes which is higher than OT LLC

Oct 23 • Economy, Featured, Mining, News • 2877 Views • No Comments on Erdenet JSC will pay MNT447.5 billion in taxes which is higher than OT LLC

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According to the statement by Ministry of Finance, Erdenet JSC, the oldest Mongolia-Russian joint copper-mine will pay MNT447.5 billion in taxes. In the other hand, a mine that has more sales and production – Oyu Tolgoi LLC – will pay MNT324.3 billion.

The reason, according to the ministry, is due to the tax stability clauses and being not liable for progressive royalty as stated in the Investment Agreement.

Also, the state budget will receive MNT98 billion in the form of dividend from its interests in partially state-owned companies. Out of this, Erdenet JSC will pay MNT70 billion, and majority-state owned companies will contribute  MNT336 billion.

 

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