The Economic Development Council recently met to review a major tax reform proposal from domestic manufacturers. This council works closely with the government by offering expert advice on economic matters. It also coordinates the creation of economic policies, conducts research, and encourages cooperation between public and private sectors. The council’s primary goal is to help create sustainable economic growth that benefits the entire nation.
During the meeting, Minister of Finance Javkhlan Bold shared key points from the ongoing tax reform discussions. So far, 13,000 contributors have submitted a total of 176,000 proposals. These contributors include individual citizens, local businesses, the Mongolian National Chamber of Commerce and Industry.
the Mongolian Business Council, specialized tax consultants, and various professional groups. Importantly, the council included more than half of these proposals in the draft tax reform law. This decision supports the main goal of maintaining economic stability while addressing concerns raised by the public and businesses.
Prime Minister Zandanshatar Gombojav stressed the urgent need to support wealth creators and domestic manufacturers. He noted that these groups play a vital role in generating employment and driving economic progress. The Prime Minister urged the Ministry of Finance to carefully review all suggestions with this goal in mind.
He emphasized the need for stronger backing of producers, employers, and wealth creators. In particular, he called for a gradual increase in VAT refunds to ease financial pressure on compliant businesses. Furthermore, the Prime Minister wants to remove tax rules that unfairly hurt taxpayers while allowing non-compliant businesses to gain an advantage.
Additionally, the Prime Minister plans to draft a “Freedom of Business Activity” bill. This legislation aims to ensure the smooth operation of the Economic Development Council. It will also provide legal protection and offer support to private sector businesses, helping them thrive in a fair environment.
Besides the tax reform draft, the government is preparing a broader package of bills. These new laws will support the private sector, employers, wealth creators, and manufacturers alike. At the same time, members of Parliament are working to boost exports, encourage trade, and improve customs control procedures. These efforts together aim to create a more competitive and open economy.
Overall, the government is determined to build a fair and enabling environment that supports wealth creators and strengthens the economy. By passing these reforms, they hope to foster a stable, competitive market that benefits businesses, workers, and society as a whole.
