Ulaanbaatar
New wordings of income tax laws to have immediate consideration
PoliticsUlaanbaatar /MONTSAME/ The PM convened February 4 an irregular meeting of the cabinet to discuss nominations to the best herders and farmers of the country and drafts of legal documents that require parliament's immediate consideration, as its autumn session is soon to close.
These documents include new wordings of the laws on income tax for companies and for inviduals. The cabinet resolved to submit them to parliament reading.
A total of 232 amendments have been made to the Tax Law, of which 53 percent has regarded stamp duty and 22--percent tax alleviations and exemptions.
The new wording of income tax laws have been prepared with a vision to promote taxpayers and to create a favorable tax environment that ensures simplicity, justice and rapid economic growth, while satisfying international standards, say the law initiators.
