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BC Mongolia Highlight: Windfall Tax Has Outlived Its Purpose, Says Minister PDF Print E-mail
News - Mining and minerals
Tuesday, 18 August 2009 05:53
Business Council of Mongolia Finance Minister S. Bayartsogt has been reported in the Mongolian media as saying that it was necessary to annul the Windfall Profits Tax (WPT) to be able to move forward with the development of Mongolian mining and exploitation of strategic deposits. He was quoted as saying, “This is not related only to OT, but also to the Erdenet Mine and the gold miners. WPT has given to Mongolia what it was meant to give. Now we have to re-consider its purpose.” It is widely known that the Russian Federation has repeatedly protested in the strongest possible terms against the WPT, because the only copper mine paying the tax is the Mongolian-Russian joint venture in Erdenet.
Besides WPT, the Government is likely to propose amendments to the tax law on loss carry-forwards to permit eight year carry-forwards of 100% of losses, as well as amendments to the Law on VAT rebates for capital equipment imported for mining, the Law on Water and the Law on Automobile Roads.
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reply written by Barry , August 18, 2009

This sounds like the Mongolians are going in the right direction.
Now we need for the MPs to follow thoriugh.
we shall see. "B"
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Last Updated on Tuesday, 18 August 2009 05:53
 
Home > Mining > BC Mongolia Highlight: Windfall Tax Has Outlived Its Purpose, Says Minister

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