Moninfo reports: The Standing Committee on Budget which decided to consider a
draft law on making amendments to the windfall profit tax has delayed
discussions for a week, but still plans to discuss it based on falling gold
sales to the Mongol Bank, according to the committee secretary.
B. Batjargal, head of the Budget Regulatory Coordination Department at
the Ministry of Finance said, “MPs of the standing committee on budget
decided that it is
good idea to discuss the amendments to the windfall profit tax law
after
looking at a performance report of the taxes that gold mining companies
have paid
since the windfall tax.”
A draft law
submitted to the Speaker of Parliament on November 13 calls for the 68 percent
windfall profits tax gold price threshold to be raised from US $500 to $650
amid falling gold sales to the Mongol Bank, officials said.
“The Ministry of Trade and Industry does not support the
windfall profit tax law. We supported the idea of increasing the threshold
price of gold, in other words US $650,
for a 68% tax on sales of gold,” B. Nergui, Deputy Director of Geology, Mining
and Heavy Industry told MonInfo Thursday.
The windfall profits
tax, passed last May, calls for a 68 percent tax on sales of gold when the
world prices rise above US $500 per ounce and $2600 per tonne of copper.
“We believe that it
is correct to make amendments to the windfall profits tax law because we
believe the price of gold will remain stable on the international market for the
next year,” said Nergui.
{mos_sb_discuss:6}
Comments
Post new comment