Ulaanbaatar
Bills to cancel tax raises to be submitted to parliament
Politics
Ulaanbaatar/MONTSAME/The Cabinet called its irregular meeting on January 30, at which the Bill to amend the Law on Personal Income Tax, Bill to amend the Law on Pensions and Benefits Provided by the Social Insurance Fund and related bills and draft parliamentary resolutions were discussed.
Following the discussion, the Cabinet members decided to submit them to the Parliament.
The bill to amend the Law on Personal Income Tax reflects to resume the previous regime of flat income tax rate or 10 percent to be imposed on salary, wages, bonuses and other equitable employment incomes.
Following the discussion, the Cabinet members decided to submit them to the Parliament.
The bill to amend the Law on Personal Income Tax reflects to resume the previous regime of flat income tax rate or 10 percent to be imposed on salary, wages, bonuses and other equitable employment incomes.
The Government believes an adoption of the Bill will ease tax burdens of people and entities, improve enthusiasm of people to pay duties justly and bring advantages in developing business sector, attracting investment, promoting employment and creating jobs.
At the plenary meeting of the Parliament, dated April 14, 2017, the Parliamet approved to enforce four brackets of personal income tax that came into effect from January this year.
M. Unurzul
