61543
IMF Says Mongolia Tax Rates Low
IMF Says Mongolia Tax Rates Low
  1. World Economy

IMF Says Mongolia Tax Rates Low

  1. World Economy

IMF Says Mongolia Tax Rates Low

Tax rates in Mongolia are low, compared to rates in developing countries. To some extent, it is so low that almost equals to tax rates in offshore zones. A personal income tax rate of 10% is at the same level as that in the countries of the Middle East” said International Monetary Fund resident representative for Mongolia, Neil Saker.
He was responding to a question on whether the Mongolian government’s action to raise rates of six types of tax and contribution of social insurance to meet IMF requirements for getting $440 million of loan shrink the economy even more and put pressure on the private sector, the Mongolian news agency Montsame reported.
The Business Council of Mongolia held its first meeting of 2017 on March 13 and one of the topics discussed at the meeting was implication of IMF’s Extended Fund Facility Program on the Mongolian economy.
Deputy governor of the Bank of Mongolia B. Lhagvasuren noted that previous authorities had spent a huge amount of money or around $8 billion inefficiently for the last four years that caused the current difficulties.  “We should demand and express our position incessantly, as governments hear the citizens’ voice in times of economic difficulties” said economist D. Jargalsaikhan.
The government decided not to raise salaries till 2019. Certainly, this is not good news for public employees. However, inflation is at a relatively low level and this tendency is expected to continue  in future. Therefore, the risks that real income of citizens could be lowered or devalued have been reduced, the meeting was told.

 

Short URL : https://goo.gl/btNBYY
  1. https://goo.gl/eHl5zI
  • https://goo.gl/qYNFWo
  • https://goo.gl/CO8Eek
  • https://goo.gl/T8uRcc
  • https://goo.gl/zMvUTl

You can also read ...

Japan Mulls  US-Free TPP Deal
Japan is ready to relaunch the Trans-Pacific Partnership minus...
Finns are working longer hours for lower pay.
Finland’s economic stewards, used to presenting bad news, are...
IMFC Pledges Joint Efforts  to Reduce Global Imbalances
The IMF’s steering committee adopted the position on trade taken...
Colombia CB Sees Room to Cut Rate
Colombia can cut its policy rate toward a more neutral level as...
Germany Unmoved by US Corporate Tax Plans
German Finance Minister Wolfgang Schaeuble is not worried by the...
France seems to be going from strength to strength as the PMI for manufacturing and services rose to 56.7 in April from 56.4 in March.
Europe’s political fog may finally start to lift in the coming...
Malta BCI Favorable
Malta’s business conditions have remained favorable, according...
Malaysia Reaches 1MDB Bond Deal
The battle over the repayment of 1MDB bonds may be coming to an...

Add new comment

Read our comment policy before posting your viewpoints

Image CAPTCHA
Enter the characters shown in the image.

Trending

Googleplus