Ulaanbaatar
Innovative product materials and ingredients to be exempted from customs duties and VAT
Society
Ulaanbaatar /MONTSAME/ At its regular meeting on December 18, the Cabinet approved a list of raw and other materials and reagents which are not locally produced, but necessary for producing new products within innovative projects, to exempt customs duties and value added tax.
MNT 3 billion and 633 million worth of 188 types of raw and other materials and reagents necessary for producing 68 innovative products to be produced by 12 innovative project implementers in 7 industries such as productions of cosmetics, laboratory diagnostic devices, biotechnological and microbiological products, natural mineral compounds, pharmaceuticals, and veterinary medicines and nutrients are listed to be exempted from the taxes.
The decision enables the innovators to make state of the art innovative export oriented or import substitute products that would contribute to the country’s economic growth.
