DRAFT AMENDMENT TO LAW ON MINERAL RESOURCES SUBMITTED
Ulaanbaatar /MONTSAME/ Such a draft was presented to the Chairman of the State Great Khural Z.Enkhbold by the Minister of Finance J.Erdenebat on May 11. The amendments concerns the taxation and reporting issues.
According to the General Tax Law, the final dates for paying and reporting of any kind of taxation are resolved to be simultaneous, while the Law on Mineral Resources says the entities should pay the quarterly royalty payments within the next quarter and to submit the monthly report by 20th of a next month.
As the two regulations contradict with each other, it puts more burden on the tax authorities, as well as on the taxpayers, said the Minister.
Therefore, the draft amendment to the Law on Mineral Resources has been developed for resolving these conflicting issues and for harmonizing the clauses of the law with the General Tax Law. In brief, the tax paying and reporting periods will be set on the same dates.