The document summarizes proposed revisions to Mongolia's tax legislation, including the General Tax Law, Corporate Income Tax Law, and Personal Income Tax Law. It notes that over 100 tax laws have been adopted since 1990 but many have been repealed. The revisions aim to create a more business-friendly tax environment, simplify processes, and make the tax system more equitable and sustainable. Key proposed changes include expanded definitions of tax-related terms, clarified taxpayer rights and obligations, and more detailed regulations around tax inspections.
MTBiz is for you if you are looking for contemporary information on business, economy and especially on banking industry of Bangladesh. You would also find periodical information on Global Economy and Commodity Markets.
Signature content of MTBiz is its Article of the Month (AoM), as depicted on Cover Page of each issue, with featured focus on different issues that fall into the wide definition of Market, Business, Organization and Leadership. The AoM also covers areas on Innovation, Central Banking, Monetary Policy, National Budget, Economic Depression or Growth and Capital Market. Scale of coverage of the AoM both, global and local subject to each issue.
MTBiz is a monthly Market Review produced and distributed by Group R&D, MTB since 2009.
Sales Tax -Significant amendments introduced in Pakistan Budget 2016-17Ghulam Mustafa Qazi
The document summarizes significant amendments being introduced to the Sales Tax Act of 1990 in Pakistan's Federal Budget for 2016-2017. Key points include:
- Increasing the annual turnover threshold for cottage industries to qualify for sales tax exemption from Rs. 5 million to Rs. 10 million.
- Allowing different due dates for filing different parts of sales tax returns to facilitate e-filing and reconciliation of input/output data between vendors and customers.
- Disallowing input tax adjustment on provincial sales tax levied on services.
- Requiring registered persons claiming input tax to ensure their suppliers have declared the sales in their returns or paid the associated sales tax.
- Empowering tax authorities to
The document provides an overview of VAT implementation in Saudi Arabia. It discusses the purpose of the discussion, which is to provide details on the VAT law, regulations, and implementation process. It covers topics such as VAT treatment by industry, with a deep dive on construction and engineering. It also discusses registration requirements, invoicing requirements, and the VAT return filing process. The overall document aims to outline the VAT framework and next steps for stakeholders in Saudi Arabia.
The document discusses taxation and the Goods and Services Tax (GST) implemented in India. It provides background on taxation, including definitions of tax, objectives of taxation, and types of taxes such as direct and indirect taxes. It then focuses on GST, defining it as a comprehensive tax on the supply of goods and services that aims to replace existing indirect taxes. GST is described as a dual model with Central GST and State GST applied to intrastate transactions, and Integrated GST applied to interstate transactions. The goals of GST are outlined as creating a single, unified Indian market, reducing the cascading effect of taxes, and simplifying the tax system in India.
The document discusses key aspects of Pakistan's Sales Tax Act of 1990. It defines important terms like input tax, output tax, taxable supply, zero-rated supply, and exempt supply. It also explains the differences between zero-rated and exempt supplies. Furthermore, it provides an example to illustrate how sales tax is calculated at different stages of the supply chain from manufacturer to retailer to customer.
A comparative study of Sales Tax Acts of the Provinces. The Constitutional Backing and issues involved. Also included are changes introduced through Finance Acts 2016 of the Provinces
The document discusses the provisions related to registration under the GST law. It explains that registration is compulsory for taxable persons if their aggregate turnover exceeds the prescribed threshold and gives certain categories of persons who are required to register irrespective of the threshold. It provides details about the procedure for obtaining regular registration including filing of application forms, verification process, and issuance of registration certificate. It also summarizes key aspects related to amendment, cancellation, and revocation of registration.
MTBiz is for you if you are looking for contemporary information on business, economy and especially on banking industry of Bangladesh. You would also find periodical information on Global Economy and Commodity Markets.
Signature content of MTBiz is its Article of the Month (AoM), as depicted on Cover Page of each issue, with featured focus on different issues that fall into the wide definition of Market, Business, Organization and Leadership. The AoM also covers areas on Innovation, Central Banking, Monetary Policy, National Budget, Economic Depression or Growth and Capital Market. Scale of coverage of the AoM both, global and local subject to each issue.
MTBiz is a monthly Market Review produced and distributed by Group R&D, MTB since 2009.
Sales Tax -Significant amendments introduced in Pakistan Budget 2016-17Ghulam Mustafa Qazi
The document summarizes significant amendments being introduced to the Sales Tax Act of 1990 in Pakistan's Federal Budget for 2016-2017. Key points include:
- Increasing the annual turnover threshold for cottage industries to qualify for sales tax exemption from Rs. 5 million to Rs. 10 million.
- Allowing different due dates for filing different parts of sales tax returns to facilitate e-filing and reconciliation of input/output data between vendors and customers.
- Disallowing input tax adjustment on provincial sales tax levied on services.
- Requiring registered persons claiming input tax to ensure their suppliers have declared the sales in their returns or paid the associated sales tax.
- Empowering tax authorities to
The document provides an overview of VAT implementation in Saudi Arabia. It discusses the purpose of the discussion, which is to provide details on the VAT law, regulations, and implementation process. It covers topics such as VAT treatment by industry, with a deep dive on construction and engineering. It also discusses registration requirements, invoicing requirements, and the VAT return filing process. The overall document aims to outline the VAT framework and next steps for stakeholders in Saudi Arabia.
The document discusses taxation and the Goods and Services Tax (GST) implemented in India. It provides background on taxation, including definitions of tax, objectives of taxation, and types of taxes such as direct and indirect taxes. It then focuses on GST, defining it as a comprehensive tax on the supply of goods and services that aims to replace existing indirect taxes. GST is described as a dual model with Central GST and State GST applied to intrastate transactions, and Integrated GST applied to interstate transactions. The goals of GST are outlined as creating a single, unified Indian market, reducing the cascading effect of taxes, and simplifying the tax system in India.
The document discusses key aspects of Pakistan's Sales Tax Act of 1990. It defines important terms like input tax, output tax, taxable supply, zero-rated supply, and exempt supply. It also explains the differences between zero-rated and exempt supplies. Furthermore, it provides an example to illustrate how sales tax is calculated at different stages of the supply chain from manufacturer to retailer to customer.
A comparative study of Sales Tax Acts of the Provinces. The Constitutional Backing and issues involved. Also included are changes introduced through Finance Acts 2016 of the Provinces
The document discusses the provisions related to registration under the GST law. It explains that registration is compulsory for taxable persons if their aggregate turnover exceeds the prescribed threshold and gives certain categories of persons who are required to register irrespective of the threshold. It provides details about the procedure for obtaining regular registration including filing of application forms, verification process, and issuance of registration certificate. It also summarizes key aspects related to amendment, cancellation, and revocation of registration.
Grant Thornton China tax bulletin - January 2015Alex Baulf
China Tax Bulletin aims to provide a prompt and high level overview on the latest tax rules released by various authorities, especially those by China SAT and local tax authorities. Implications for your business are also presented for the tax rules
Presentation is an attempt to give brief introduction of VAT in UAE & Provisions of Input Tax in GST Law.
Input tax is going to be the most important aspect from organisation point of view, cause levy is on supply value and not on value addition. Proper planning is very very important.
The document summarizes the process for migrating existing taxpayers to the Goods and Services Tax (GST) system in India. It involves the following key steps:
1. Taxpayers obtain a GSTN login ID and password from the aces.gov.in website to complete the enrollment process on gst.gov.in.
2. Taxpayers complete the enrollment process on gst.gov.in by providing business and registration details as well as uploading required documents.
3. Upon successful submission, taxpayers receive a provisional GSTIN and final registration within 6 months if all information is verified correctly.
VAT is an indirect tax applied at each stage of production and distribution of goods and services, with taxpayers able to claim a credit for VAT paid on inputs. It is ultimately borne by the final consumer. Key characteristics of VAT include that it is charged on value addition at each stage, has various rates including zero-rating, and exemptions. VAT aims to broaden the tax base and mobilize more revenue, while eliminating cascading effects of taxes. The document outlines definitions, persons liable, determination of value, payment and adjustment of advance tax, and time of payment under Bangladesh's VAT law.
Economic Analysis and Impact Assessment - Pillar 1 and Pillar 2 Proposals (Fe...OECDtax
As part of the work by the OECD/G20 Inclusive Framework on BEPS relating to the tax challenges arising from the digitalisation of the economy, the OECD has been carrying out an economic analysis and impact assessment of the Pillar 1 and Pillar 2 proposals. We invite you to join a live webcast with experts from the OECD’s Centre for Tax Policy and Administration and Economics Department to learn more about this work, which will include a presentation of preliminary results on the revenue and investment effects of the proposals.
More information: www.oecd.org/tax/beps/webcast-economic-analysis-impact-assessment-february-2020.htm
What is zero-rated & exempted VAT? UAE ministry of finance published the list of economic activities categorized under zero-rated VAT & exempted VAT in UAE.
1) A registered person is required to file periodic returns with details of outward supplies, inward supplies, input tax credit, and tax payable. Different returns include GSTR-1, GSTR-2, GSTR-3, and an annual return.
2) The first return filed after registration must include transaction details from the date of liability to register until the end of the month registration was granted.
3) Non-resident foreign taxpayers must file GSTR-5 within seven days of the expiry of their registration period in India.
Value Added tax (VAT) – in View of BangladeshIOSRJBM
This paper represents an overview of Value Added Tax (VAT) in Bangladesh. It depicts the basic features of Value Added Tax and its implication, and importance in the growing economy of Bangladesh. Bangladesh faces many problems in raising sufficient tax revenues to fund its economic and social development. To address this problem and to improve economic efficiency and growth, a major tax reform program was initiated in 1991 which centered on the introduction of a value-added tax (VAT) to replace a range of narrowlybased consumption taxes. This study works as a linkage between theory and practice on Value Added Tax. The article represents the social and economical development of the country with the basic awareness which is going at a steady pace among the people and the organization considering it as a key to further economical development. The awareness of Value Added Tax (VAT) is not very old, but still within a short span of time it has shown a remarkable change in the corporate sector and the economy of the country. It has developed a complete sense of care and responsibility towards the country and the welfare of the people.
On 9 October 02019, the OECD Secretariat published a proposal to advance international negotiations to ensure large and highly profitable Multinational Enterprises, including digital companies, pay tax wherever they have significant consumer-facing activities and generate their profits. This presentation gives a breakdown of the Secretariat Proposal for a "Unified Approach" under Pillar One.
For more information: http://oe.cd/taxtalks
- Value Added Tax (VAT) is an indirect tax levied on the increase in value of goods and services at each stage of production and distribution. It was first introduced in France in 1954 and has since been adopted by over 100 countries.
- Bangladesh introduced VAT in 1991 to replace sales tax and business turnover tax. The standard VAT rate is 15% and turnover tax rate is 4%. Excise duties are also included under the VAT system.
- The National Board of Revenue is the central tax collection authority in Bangladesh responsible for administering and collecting VAT.
A tax is a mandatory financial charge imposed by a government on individuals and businesses to fund public expenditures. Direct taxes include income tax on profits, capital gains, and other earnings. Property taxes are also direct taxes that are usually charged annually based on the estimated value of owned real estate. Indirect taxes are hidden costs included in the price of goods and services paid by consumers, such as import duties paid by importers and then included in the price charged to consumers. India uses a dual GST system where the Central and State Governments administer CGST and SGST taxes on transactions within each state.
The document summarizes reforms to Pakistan's tax administration system. Key points include:
- Reorganizing the Federal Board of Revenue on functional lines with large, regional, and medium taxpayer units.
- Simplifying tax laws, introducing self-assessment, risk-based audits, and reducing exemptions.
- Rationalizing tax rates and tariffs, reducing the corporate tax rate and sales tax on unregistered persons.
- Streamlining dispute resolution by reducing appeals backlogs within the department and in courts.
The reforms aimed to widen the tax base, improve voluntary compliance, and make the system more efficient and taxpayer-friendly.
OBJECTIVE
Goods and Services Tax (GST) is the Indirect Tax levied in India introduced in July 2017 which was one of the most important reforms in the Indian Economy. There are various periodic compliance requirements and filings under GST. In this webinar, we shall analyse and understand the annual returns under GST.
1. The document discusses provisions around input tax credit (ITC) under GST law, including relevant definitions, eligibility conditions, and restrictions.
2. Key conditions for availing ITC include receiving the goods/services, paying the tax to the supplier, filing valid returns, and possessing the required documents. There are also time limits to claim ITC for a financial year.
3. ITC is restricted and apportioned for goods/services used partly for business and non-business purposes, as well as for taxable, exempt and non-taxable supplies. Certain blocked credits are also specified.
4. Banks and financial institutions have an option to either comply with the general apportionment
concept of input tax and input service distributorGST Law India
The document provides an overview of input tax credit under GST, including:
1) The concept of input tax, conditions for claiming credit, restrictions, and apportionment of credit for mixed supplies.
2) Provisions for transfer of credit during business reorganizations and reversal of credit when supplies become exempt.
3) The manner of taking credit including a two-step process of provisional credit and final matching, and restrictions for excess or duplicate claims.
4) The role of input service distributors and utilization of credits against different tax types.
Find out the detailed explanation of the provisions related to Filing of returns under the dual GST Law for the efficient tax administration from the presentation. Give it a read and we would love to know your feedback!
A tax is a mandatory financial charge imposed by a governmental organization on individuals and entities to fund public expenditures. Direct taxes include income tax on profits, gains, and other income, as well as capital gains tax and property taxes. Indirect taxes increase the price of goods and are often hidden costs paid by consumers, such as import duties. Current taxation systems also use indirect taxes like the Goods and Services Tax (GST) implemented in countries worldwide, including India's dual GST model taxing transactions within and between states.
- The document discusses key changes to India's GST framework since December 2014, including the passage of the Constitutional Amendment Bill in the Lok Sabha and its referral to a Select Committee in the Rajya Sabha.
- It outlines the next steps in the implementation process, which includes approval of the bill by the Rajya Sabha and ratification by 15 state assemblies before enactment.
- It also describes the proposed GST implementation structure and the role of the GST Network (GSTN) in facilitating tax registration, returns filing, and other functions through an online portal.
WestRock is a global paper and packaging company with over 42,000 employees working across 30 countries. It has 275 operating locations including 105 corrugated box plants, 35 paperboard mills, and 34 folding carton plants. WestRock aims to be the premier provider of paper and packaging solutions in consumer and corrugated markets, shipping over 12 million tons of paperboard annually.
The county of Maramureș, Romania has a rich variety of tourist attractions from mountain activities and extreme sports to cultural and religious sites. It has over 30 protected natural areas with forests, meadows, and crystal clear waters. Visitors can enjoy hiking trails with amazing views. The region is also known for its traditional wooden architecture like churches, houses and gates. It has well-preserved rural traditions like traditional costumes and folk festivals. Accommodations include family-run pensions in villages and hotels in towns.
Grant Thornton China tax bulletin - January 2015Alex Baulf
China Tax Bulletin aims to provide a prompt and high level overview on the latest tax rules released by various authorities, especially those by China SAT and local tax authorities. Implications for your business are also presented for the tax rules
Presentation is an attempt to give brief introduction of VAT in UAE & Provisions of Input Tax in GST Law.
Input tax is going to be the most important aspect from organisation point of view, cause levy is on supply value and not on value addition. Proper planning is very very important.
The document summarizes the process for migrating existing taxpayers to the Goods and Services Tax (GST) system in India. It involves the following key steps:
1. Taxpayers obtain a GSTN login ID and password from the aces.gov.in website to complete the enrollment process on gst.gov.in.
2. Taxpayers complete the enrollment process on gst.gov.in by providing business and registration details as well as uploading required documents.
3. Upon successful submission, taxpayers receive a provisional GSTIN and final registration within 6 months if all information is verified correctly.
VAT is an indirect tax applied at each stage of production and distribution of goods and services, with taxpayers able to claim a credit for VAT paid on inputs. It is ultimately borne by the final consumer. Key characteristics of VAT include that it is charged on value addition at each stage, has various rates including zero-rating, and exemptions. VAT aims to broaden the tax base and mobilize more revenue, while eliminating cascading effects of taxes. The document outlines definitions, persons liable, determination of value, payment and adjustment of advance tax, and time of payment under Bangladesh's VAT law.
Economic Analysis and Impact Assessment - Pillar 1 and Pillar 2 Proposals (Fe...OECDtax
As part of the work by the OECD/G20 Inclusive Framework on BEPS relating to the tax challenges arising from the digitalisation of the economy, the OECD has been carrying out an economic analysis and impact assessment of the Pillar 1 and Pillar 2 proposals. We invite you to join a live webcast with experts from the OECD’s Centre for Tax Policy and Administration and Economics Department to learn more about this work, which will include a presentation of preliminary results on the revenue and investment effects of the proposals.
More information: www.oecd.org/tax/beps/webcast-economic-analysis-impact-assessment-february-2020.htm
What is zero-rated & exempted VAT? UAE ministry of finance published the list of economic activities categorized under zero-rated VAT & exempted VAT in UAE.
1) A registered person is required to file periodic returns with details of outward supplies, inward supplies, input tax credit, and tax payable. Different returns include GSTR-1, GSTR-2, GSTR-3, and an annual return.
2) The first return filed after registration must include transaction details from the date of liability to register until the end of the month registration was granted.
3) Non-resident foreign taxpayers must file GSTR-5 within seven days of the expiry of their registration period in India.
Value Added tax (VAT) – in View of BangladeshIOSRJBM
This paper represents an overview of Value Added Tax (VAT) in Bangladesh. It depicts the basic features of Value Added Tax and its implication, and importance in the growing economy of Bangladesh. Bangladesh faces many problems in raising sufficient tax revenues to fund its economic and social development. To address this problem and to improve economic efficiency and growth, a major tax reform program was initiated in 1991 which centered on the introduction of a value-added tax (VAT) to replace a range of narrowlybased consumption taxes. This study works as a linkage between theory and practice on Value Added Tax. The article represents the social and economical development of the country with the basic awareness which is going at a steady pace among the people and the organization considering it as a key to further economical development. The awareness of Value Added Tax (VAT) is not very old, but still within a short span of time it has shown a remarkable change in the corporate sector and the economy of the country. It has developed a complete sense of care and responsibility towards the country and the welfare of the people.
On 9 October 02019, the OECD Secretariat published a proposal to advance international negotiations to ensure large and highly profitable Multinational Enterprises, including digital companies, pay tax wherever they have significant consumer-facing activities and generate their profits. This presentation gives a breakdown of the Secretariat Proposal for a "Unified Approach" under Pillar One.
For more information: http://oe.cd/taxtalks
- Value Added Tax (VAT) is an indirect tax levied on the increase in value of goods and services at each stage of production and distribution. It was first introduced in France in 1954 and has since been adopted by over 100 countries.
- Bangladesh introduced VAT in 1991 to replace sales tax and business turnover tax. The standard VAT rate is 15% and turnover tax rate is 4%. Excise duties are also included under the VAT system.
- The National Board of Revenue is the central tax collection authority in Bangladesh responsible for administering and collecting VAT.
A tax is a mandatory financial charge imposed by a government on individuals and businesses to fund public expenditures. Direct taxes include income tax on profits, capital gains, and other earnings. Property taxes are also direct taxes that are usually charged annually based on the estimated value of owned real estate. Indirect taxes are hidden costs included in the price of goods and services paid by consumers, such as import duties paid by importers and then included in the price charged to consumers. India uses a dual GST system where the Central and State Governments administer CGST and SGST taxes on transactions within each state.
The document summarizes reforms to Pakistan's tax administration system. Key points include:
- Reorganizing the Federal Board of Revenue on functional lines with large, regional, and medium taxpayer units.
- Simplifying tax laws, introducing self-assessment, risk-based audits, and reducing exemptions.
- Rationalizing tax rates and tariffs, reducing the corporate tax rate and sales tax on unregistered persons.
- Streamlining dispute resolution by reducing appeals backlogs within the department and in courts.
The reforms aimed to widen the tax base, improve voluntary compliance, and make the system more efficient and taxpayer-friendly.
OBJECTIVE
Goods and Services Tax (GST) is the Indirect Tax levied in India introduced in July 2017 which was one of the most important reforms in the Indian Economy. There are various periodic compliance requirements and filings under GST. In this webinar, we shall analyse and understand the annual returns under GST.
1. The document discusses provisions around input tax credit (ITC) under GST law, including relevant definitions, eligibility conditions, and restrictions.
2. Key conditions for availing ITC include receiving the goods/services, paying the tax to the supplier, filing valid returns, and possessing the required documents. There are also time limits to claim ITC for a financial year.
3. ITC is restricted and apportioned for goods/services used partly for business and non-business purposes, as well as for taxable, exempt and non-taxable supplies. Certain blocked credits are also specified.
4. Banks and financial institutions have an option to either comply with the general apportionment
concept of input tax and input service distributorGST Law India
The document provides an overview of input tax credit under GST, including:
1) The concept of input tax, conditions for claiming credit, restrictions, and apportionment of credit for mixed supplies.
2) Provisions for transfer of credit during business reorganizations and reversal of credit when supplies become exempt.
3) The manner of taking credit including a two-step process of provisional credit and final matching, and restrictions for excess or duplicate claims.
4) The role of input service distributors and utilization of credits against different tax types.
Find out the detailed explanation of the provisions related to Filing of returns under the dual GST Law for the efficient tax administration from the presentation. Give it a read and we would love to know your feedback!
A tax is a mandatory financial charge imposed by a governmental organization on individuals and entities to fund public expenditures. Direct taxes include income tax on profits, gains, and other income, as well as capital gains tax and property taxes. Indirect taxes increase the price of goods and are often hidden costs paid by consumers, such as import duties. Current taxation systems also use indirect taxes like the Goods and Services Tax (GST) implemented in countries worldwide, including India's dual GST model taxing transactions within and between states.
- The document discusses key changes to India's GST framework since December 2014, including the passage of the Constitutional Amendment Bill in the Lok Sabha and its referral to a Select Committee in the Rajya Sabha.
- It outlines the next steps in the implementation process, which includes approval of the bill by the Rajya Sabha and ratification by 15 state assemblies before enactment.
- It also describes the proposed GST implementation structure and the role of the GST Network (GSTN) in facilitating tax registration, returns filing, and other functions through an online portal.
WestRock is a global paper and packaging company with over 42,000 employees working across 30 countries. It has 275 operating locations including 105 corrugated box plants, 35 paperboard mills, and 34 folding carton plants. WestRock aims to be the premier provider of paper and packaging solutions in consumer and corrugated markets, shipping over 12 million tons of paperboard annually.
The county of Maramureș, Romania has a rich variety of tourist attractions from mountain activities and extreme sports to cultural and religious sites. It has over 30 protected natural areas with forests, meadows, and crystal clear waters. Visitors can enjoy hiking trails with amazing views. The region is also known for its traditional wooden architecture like churches, houses and gates. It has well-preserved rural traditions like traditional costumes and folk festivals. Accommodations include family-run pensions in villages and hotels in towns.
The document provides a summary of news from the Business Council of Mongolia NewsWire issue 421 dated April 1, 2016. It includes highlights on business, economic, and political news in Mongolia, including an artisanal gold mining organization receiving certification to export gold, the launch of a power plant expansion project in Erdenet, and Mongolia's preparations to host the 2016 Asia-Europe Meeting summit in July. It also summarizes presentations made at the recent Business Council of Mongolia meeting, including on food safety and Cummins Mongolia operations.
The document outlines a job revision plan for a student. It includes analyzing excellence exemplar essays to understand their structure and identify what makes them excellent. The student will also complete an essay planning chart, watch an explanatory video on developing paragraphs, and create a picture collage of quotes from the text. Additionally, the document prompts discussing questions about the character Job in pairs and writing a blog post, as well as brainstorming ideas for a revision activity to create for the class such as a Kahoot quiz, word search or crossword.
Este documento presenta una serie de preguntas de análisis sobre el capítulo 2 de un libro de texto sobre administración de operaciones. Las preguntas cubren temas como la descripción de empresas globales, las razones para internacionalizar operaciones, las diferencias entre misión y estrategia organizacional, y ejemplos de estrategias de operaciones para diferentes empresas.
формувати у дітей розуміння поняття «здоров’я», усвідомлення того, що кожна людина може бути здоровою; працювати над розвитком навичок свідомого читання школярів, творчого, критичного, толерантного мислення; розвивати вміння учнів аналізувати, робити висновки, працювати в парах, групах і самостійно; виховувати через образне слово турботу про своє здоров’я, почуття відповідальності за свої вчинки.
The document provides background information on SIGG, a Swiss company that produces durable aluminum water bottles. It discusses SIGG's history, products, and a problem it faced when it was discovered its plastic liners contained BPA. To restore its reputation, SIGG needs to apologize, boost environmental efforts, increase transparency through social media, and enter new markets like targeting college students by partnering with campus representatives and customizing bottles.
The proposed revisions to Mongolia's tax legislation include changes to the General Tax Law, Corporate Income Tax Law, and Personal Income Tax Law. Some key changes include expanding the definition of business entities subject to tax, clarifying affiliated party definitions, increasing the standard corporate tax rate thresholds, and granting new tax inspector powers. While some changes may benefit small businesses, other provisions are overly broad or could have unintended consequences. Further analysis is needed before the revisions are adopted.
The document summarizes key legislative changes from Mongolia's 2015 spring legislative session. It discusses 20 new laws passed, 18 laws repealed or amended, and 16 international agreements ratified. Specific laws covered include support for domestic production, taxation revisions like the value added tax law, financial reporting reforms, and other policies on privatization, energy, and occupational health and safety. An irregular legislative session in August passed additional laws on amnesty, economic transparency, and firearms.
Tax avoidance is legal and utilizes legitimate tax deductions and exemptions to minimize tax liability. Tax evasion is illegal and involves intentionally misrepresenting income or filing fraudulent/false documents to underpay taxes owed. Both can be prevented by simplifying tax codes, broadening tax bases, strict enforcement, and imposing penalties for evasion.
The document summarizes changes to VAT provisions in Romania's new 2016 Tax Code. Key changes include a reduction in the standard VAT rate from 24% to 20%, an expanded scope of reverse taxation to certain supplies of immovable property and electronics, and clarification of rules around abuse of rights and the right to deduct VAT. The new provisions also make technical changes to aspects like VAT adjustments, capital assets, and small business exemptions.
Planned changes to Polish corporate income tax (CIT) law in 2021 include:
1) Taxation of limited partnerships and taxation of limited partners similar to shareholders of capital companies.
2) Introduction of "Estonian CIT" which allows companies to not pay tax until profits are distributed and provides other benefits to promote investment.
3) Changes to the definition of "real estate company" and new mechanisms for taxing sales of shares in real estate companies.
4) Additional reporting requirements and public disclosure of tax data for some real estate companies.
This document discusses the introduction of a negative list for service tax in India through amendments made in the Finance Act of 2012. It provides background on the existing complex tax structure for goods and services in India. The key changes introduced include switching from a selective approach to taxing services to a negative list approach, where all services are taxable unless specifically exempted. A negative list of 17 services now exempted from tax is provided. The document discusses the rationale for introducing a negative list to simplify compliance and widen the tax base. It is estimated to potentially increase tax revenues substantially.
The document provides an overview of the key aspects of the Goods and Services Tax (GST) law in India, including the benefits of GST, the existing indirect tax structure it replaces, features of the Constitution amendment, the GST Council, main features of the GST law, and the role of the Central Board of Excise and Customs.
This document provides an overview of the Goods and Services Tax (GST) system that is being implemented in India, including:
- The benefits of GST for trade and consumers through simplification and harmonization of taxes.
- The existing complex indirect tax structure that GST intends to replace.
- The Constitutional amendment that was passed to allow for GST and the powers it assigns.
- The role and decisions of the GST Council in determining features of the law and tax rates.
- The main features of the GST laws, including the four-tier tax rate structure, input tax credit system, and registration requirements.
- The roles of the GST Network and Central
The document discusses Ukraine's systems of taxation, including the general system and simplified system. The general system includes income tax for individuals (15-17% of income) and legal entities (16-18% of profits), VAT (17%), and a single social contribution for individuals (34.7% of profits) and legal entities (36.76-49.7% of payroll). The simplified system includes four groups of single tax payers taxed at different rates depending on factors like income, employees, and activities. In conclusion, Ukraine's tax system has drawbacks like its fiscal direction lacking regulatory functions and a complicated VAT return process contributing to shadow economic activity.
vat implementing regulations for public consultationSwamy Nlnj
The Saudi Arabian Tax Authority has released draft VAT implementing regulations for public consultation, with VAT to be implemented on January 1, 2018. The standard VAT rate will be wide in scope with few exemptions. Key provisions in the draft regulations include registration requirements, VAT grouping rules, taxable financial services, exemptions for residential leasing and medical supplies, rules for government entities, and documentation requirements for invoices, returns, and record keeping. Businesses should assess the VAT impact and prepare compliance plans across key areas like finance, supply chain, and IT systems.
Grant Thornton Hungary Tax News - November 2014 en (2)Alex Baulf
Tax Service News from Grant Thornton Hungary:
Grant Thornton Hungary would like to call your attention to the most important tax law changes. Most of the changes will enter into force by 1 January 2015. We indicate separately, if legislation enters into force at a different date.
The information provided herein is of general nature and is based on facts subject to change. Such information may not be regarded and therefore in no way interpreted as accountancy, legal or taxation advice provided to the reader by Grant Thornton Hungary. These materials are not aimed at complying with particular scenarios and to be suitable for application in certain situations, therefore the consideration of certain taxation law and other factors not
discussed herein may be necessary. With regard to this – should you resolve upon any action whatsoever based on the information provided herein – it is recommended to establish contact with Grant Thornton Hungary or other taxation specialists. Amendments of the taxation laws and other factors may influence the contents communicated herein – in certain cases even with retroactive effect. Grant Thornton Hungary assumes no responsibility of informing the readers of these changes.
Summary of the main changes to the Norms to the Fiscal Code in RomaniaAccace
Government Decision no. 1/2016 for the approval of the methodological norms for the application of the new Tax Code has been published in the Official Gazette no. 22 on 13 January 2016. As a general note, the newly published Norms bring more examples and details in order to clarify the provisions of the Fiscal Code applicable starting 1 January. We have summarized below the main amendments and clarifications introduced by the Norms, organized as the titles of the Fiscal Code.
The document provides an overview of VAT implementation and requirements for the banking industry in the UAE. It discusses the FTA and their role in administering VAT, the VAT registration process, record keeping and tax return filing requirements, penalties for non-compliance, and audits. Key points covered for the banking industry include the VAT treatment of financial services, VAT liability on common banking activities, rules around issuing invoices and Islamic finance, and anti-avoidance measures.
Presentation on igst model gst-ppt-ason27mar2017-v2.pdf;jsessionid=dc9 f68c...Sachin Nagpure
The document provides an overview of the Goods and Services Tax (GST) system implemented in India. It discusses the perceived benefits of GST for trade and consumers, the existing indirect tax structure it replaced, key features of the constitutional amendment act, the GST Council and its role, main features of the GST law, and the role of the Central Board of Excise and Customs. It summarizes decisions made by the GST Council regarding tax rates, thresholds, and administrative processes under GST.
Polish CIT in 2019 - CIT and TP revolution marches onPwC Polska
This document summarizes changes to Poland's corporate income tax (CIT) and transfer pricing regulations in 2019. Key changes include:
1. Reduction of transfer pricing documentation duties for small and medium enterprises. New materiality thresholds were introduced for transfer pricing documentation.
2. Simplification of tax duties around transfer pricing documentation including extended deadlines, ability to submit documents in English, and new exemptions.
3. Revisions to Poland's approach to the arm's length principle including the ability of tax authorities to recharacterize or disregard related party transactions.
4. Introduction of an "IP box" tax regime with a 5% tax rate on qualified income from intellectual property rights like patents held in Poland
Slovakia: Grant Thornton Tax Newsletter December 2015Alex Baulf
Tax Newsletter including:
1. Summary of the most important changes in tax laws valid from 1 January 2016
1
2. Tax return as at 31.12.2015 – changes against the year 2014
3. Tax penalties from 1 January 2016
4. Changes in the Slovak VATAct from 1 January 2016
5. Whistleblowing
This document provides an overview of key concepts related to sales tax in Pakistan including definitions, scope, registration requirements, return filing, rates, invoices, records, input/output tax, refunds, appeals, and audits. Some key points:
- Sales tax applies to goods and certain services, as well as imports. Exempt items are listed in the Sixth Schedule.
- Registration is required for importers, wholesalers/distributors, manufacturers, retailers over a certain threshold, and others. Registration involves providing business details and obtaining a certificate.
- Returns must be filed monthly, quarterly, or annually depending on the taxpayer. Electronic filing is also available. Penalties apply for late filings
Similar to 14.04.2016 proposed tax legislation revision (20)
This document discusses air pollution in Mongolia and its effects on children. It notes that children in Ulaanbaatar have significantly lower lung function and higher rates of respiratory diseases compared to rural children due to air pollution. Long-term exposure can also lead to chronic diseases later in life. It aims to reduce children's exposure to air pollution through various measures like improved construction, monitoring, and raising awareness. UNICEF seeks to partner with companies to take a coordinated approach to addressing this issue through initiatives such as providing air purifiers, electric heaters, and monitoring devices to kindergartens and clinics, while improving public awareness of air pollution's health impacts.
The Business Council of Mongolia held a meeting of its Energy and Environment Working Group on September 14, 2017 to discuss progress and plans on reducing air pollution and improving energy efficiency in Mongolia. Representatives from the Ministry of Environment and Tourism, Public Health Institute of Mongolia, and UNICEF provided updates on current initiatives and challenges. Key discussion points included the lack of information on funding for the National Program on Pollution Reduction, UNICEF's approach to crowd-funding and implementation, and indoor pollution assessment research. The group agreed to involve more permanent government members to provide policy guidance on future pollution reduction efforts.
The document summarizes the agenda and key details of the Business Council of Mongolia's September monthly meeting. The meeting was scheduled for September 11, 2017 from 4:45 PM to 7:30 PM at the Ministry of Foreign Affairs in Ulaanbaatar. The agenda included opening remarks, legislative working group updates, panel discussions on Mongolia's economic cooperation with Russia and China and proposed constitutional amendments, and a reception. The document also provides information on the Invest Mongolia working group and upcoming working group meetings.
The document summarizes proposed revisions to three Mongolian laws:
1) The draft revised law on state registration aims to improve transparency while protecting personal privacy. It allows for electronic access and sharing of property information between registration and cadastral databases.
2) The draft revised law on registration of property rights integrates land and property registration and allows professionals to assist with applications. It provides more detailed first-time registration procedures.
3) The draft revised law on public service defines public service and government organizations. It establishes public oversight of government performance and requires customer satisfaction surveys.
The document summarizes proposed amendments to Mongolia's Banking Law and Law on the Central Bank. Key proposed changes to the Banking Law include improving governance requirements for banks, introducing early intervention measures, improving bank resolution processes, and shifting supervision from compliance-based to risk-based. Proposed changes to the Law on the Central Bank include clarifying the Bank's powers and functions, and promoting its operational independence. The amendments aim to ensure financial stability and reduce bank risks in line with international standards.
The 2nd Annual BCM Summit focused on regional connectivity in Asia. Over 250 individuals attended, including Chairman B. Byambasaikhan and Prime Minister J. Erdenebat. Panel discussions covered topics like regional economic integration, infrastructure needs, and ESG performance. Speakers emphasized that regional integration is important for Mongolia's development as an 80% landlocked country. Governments can support by promoting information sharing, building infrastructure, streamlining processes, and creating favorable trade policies. The China-Mongolia-Russia economic corridor was highlighted as a key initiative, with 32 projects planned, including railways. Completing infrastructure links was seen as important for unlocking opportunities and reducing Mongolia's high logistics costs.
The 2nd Annual BCM Summit focused on regional connectivity in Asia. Over 250 attendees heard from government and business leaders about opportunities for regional economic integration through infrastructure projects. Key points included Mongolia's aims to diversify its economy and improve transport infrastructure through initiatives like the Belt and Road Initiative and Russia-Mongolia-China Economic Corridor. Speakers discussed the need for political consensus, a favorable business environment, and creative financing mechanisms to realize over $26 trillion in infrastructure investment needs across Asia.
Seven new members joined the organization in May 2017, including Airlink Mongolia, AGMARCO LLC, CRM, Glogex, HR Mind Solutions, Promotion Craft, and Mongol News LLC. Airlink Mongolia is a ticketing services provider established in 2001 with 5 branches and 62 employees. AGMARCO LLC is a wholesale food supplier operating since 2006 with nearly 20 employees and over 1,500 corporate customers. CRM LLC is a distributor of spirits and wine operating for over 14 years with a portfolio of over 20 premium brands.
The document discusses the economic outlook for Asia and the Pacific region. It notes that near-term growth remains strong but faces significant downside risks from factors like tighter global financial conditions. In the medium-term, growth faces challenges from trends like population aging and slow productivity growth. The document recommends policies to reinforce growth, address risks, and boost productivity in order to deal with upcoming demographic changes.
The monthly BCM meeting update provided information on:
1. A 3-day training on collaborative action against corruption that engaged 60 public and private representatives to identify corruption causes and stakeholders' roles.
2. Feedback received from policymakers on BCM members' concerns regarding tax increases and the investment banking draft law.
3. Upcoming events including the BCM Summit, Innovation Summit, and Malaysia-Mongolia investors forum.
This document discusses innovation and provides examples from ABN Amro bank in the Netherlands. It notes that ABN Amro has an innovation center that generates 100 new ideas per week through a process involving prototyping, testing, and customer feedback. The document also addresses challenges for large corporations in fostering innovation, noting they can be too slow, complex, and lack excitement, posing career risks. It includes quotes on the importance of failure for learning and innovation, and insanity of repeating mistakes without change.
The document summarizes a draft law on investment banking in Mongolia. The key points are:
- The law would allow foreign banks to operate in Mongolia without a full banking license by limiting their activities to corporate banking.
- Investment banks would be licensed and regulated to carry out specific banking activities related to financing large projects, such as long-term loans over $40 million.
- Investment banks would need a minimum capital of $200 million, and loans must be over $40 million, to be licensed by the Bank of Mongolia and Financial Regulatory Committee.
The document provides an overview of the current mining legislation in Mongolia and summarizes the key aspects of a new Draft Mining Law. The current legislation includes several laws that regulate various aspects of mining but leave some issues unaddressed. The Draft Law aims to address these issues by regulating the full mining lifecycle, improving transparency, and harmonizing with other relevant laws. It introduces changes like additional licensing requirements, a classification system for mines, stricter closure processes, and allowing license area mergers. However, critics argue it has unclear drafting and duplication of other laws.
The Evolution and Impact of OTT Platforms: A Deep Dive into the Future of Ent...ABHILASH DUTTA
This presentation provides a thorough examination of Over-the-Top (OTT) platforms, focusing on their development and substantial influence on the entertainment industry, with a particular emphasis on the Indian market.We begin with an introduction to OTT platforms, defining them as streaming services that deliver content directly over the internet, bypassing traditional broadcast channels. These platforms offer a variety of content, including movies, TV shows, and original productions, allowing users to access content on-demand across multiple devices.The historical context covers the early days of streaming, starting with Netflix's inception in 1997 as a DVD rental service and its transition to streaming in 2007. The presentation also highlights India's television journey, from the launch of Doordarshan in 1959 to the introduction of Direct-to-Home (DTH) satellite television in 2000, which expanded viewing choices and set the stage for the rise of OTT platforms like Big Flix, Ditto TV, Sony LIV, Hotstar, and Netflix. The business models of OTT platforms are explored in detail. Subscription Video on Demand (SVOD) models, exemplified by Netflix and Amazon Prime Video, offer unlimited content access for a monthly fee. Transactional Video on Demand (TVOD) models, like iTunes and Sky Box Office, allow users to pay for individual pieces of content. Advertising-Based Video on Demand (AVOD) models, such as YouTube and Facebook Watch, provide free content supported by advertisements. Hybrid models combine elements of SVOD and AVOD, offering flexibility to cater to diverse audience preferences.
Content acquisition strategies are also discussed, highlighting the dual approach of purchasing broadcasting rights for existing films and TV shows and investing in original content production. This section underscores the importance of a robust content library in attracting and retaining subscribers.The presentation addresses the challenges faced by OTT platforms, including the unpredictability of content acquisition and audience preferences. It emphasizes the difficulty of balancing content investment with returns in a competitive market, the high costs associated with marketing, and the need for continuous innovation and adaptation to stay relevant.
The impact of OTT platforms on the Bollywood film industry is significant. The competition for viewers has led to a decrease in cinema ticket sales, affecting the revenue of Bollywood films that traditionally rely on theatrical releases. Additionally, OTT platforms now pay less for film rights due to the uncertain success of films in cinemas.
Looking ahead, the future of OTT in India appears promising. The market is expected to grow by 20% annually, reaching a value of ₹1200 billion by the end of the decade. The increasing availability of affordable smartphones and internet access will drive this growth, making OTT platforms a primary source of entertainment for many viewers.
Storytelling is an incredibly valuable tool to share data and information. To get the most impact from stories there are a number of key ingredients. These are based on science and human nature. Using these elements in a story you can deliver information impactfully, ensure action and drive change.
Discover timeless style with the 2022 Vintage Roman Numerals Men's Ring. Crafted from premium stainless steel, this 6mm wide ring embodies elegance and durability. Perfect as a gift, it seamlessly blends classic Roman numeral detailing with modern sophistication, making it an ideal accessory for any occasion.
https://rb.gy/usj1a2
Best practices for project execution and deliveryCLIVE MINCHIN
A select set of project management best practices to keep your project on-track, on-cost and aligned to scope. Many firms have don't have the necessary skills, diligence, methods and oversight of their projects; this leads to slippage, higher costs and longer timeframes. Often firms have a history of projects that simply failed to move the needle. These best practices will help your firm avoid these pitfalls but they require fortitude to apply.
buy old yahoo accounts buy yahoo accountsSusan Laney
As a business owner, I understand the importance of having a strong online presence and leveraging various digital platforms to reach and engage with your target audience. One often overlooked yet highly valuable asset in this regard is the humble Yahoo account. While many may perceive Yahoo as a relic of the past, the truth is that these accounts still hold immense potential for businesses of all sizes.
Taurus Zodiac Sign: Unveiling the Traits, Dates, and Horoscope Insights of th...my Pandit
Dive into the steadfast world of the Taurus Zodiac Sign. Discover the grounded, stable, and logical nature of Taurus individuals, and explore their key personality traits, important dates, and horoscope insights. Learn how the determination and patience of the Taurus sign make them the rock-steady achievers and anchors of the zodiac.
Understanding User Needs and Satisfying ThemAggregage
https://www.productmanagementtoday.com/frs/26903918/understanding-user-needs-and-satisfying-them
We know we want to create products which our customers find to be valuable. Whether we label it as customer-centric or product-led depends on how long we've been doing product management. There are three challenges we face when doing this. The obvious challenge is figuring out what our users need; the non-obvious challenges are in creating a shared understanding of those needs and in sensing if what we're doing is meeting those needs.
In this webinar, we won't focus on the research methods for discovering user-needs. We will focus on synthesis of the needs we discover, communication and alignment tools, and how we operationalize addressing those needs.
Industry expert Scott Sehlhorst will:
• Introduce a taxonomy for user goals with real world examples
• Present the Onion Diagram, a tool for contextualizing task-level goals
• Illustrate how customer journey maps capture activity-level and task-level goals
• Demonstrate the best approach to selection and prioritization of user-goals to address
• Highlight the crucial benchmarks, observable changes, in ensuring fulfillment of customer needs
How MJ Global Leads the Packaging Industry.pdfMJ Global
MJ Global's success in staying ahead of the curve in the packaging industry is a testament to its dedication to innovation, sustainability, and customer-centricity. By embracing technological advancements, leading in eco-friendly solutions, collaborating with industry leaders, and adapting to evolving consumer preferences, MJ Global continues to set new standards in the packaging sector.
Top mailing list providers in the USA.pptxJeremyPeirce1
Discover the top mailing list providers in the USA, offering targeted lists, segmentation, and analytics to optimize your marketing campaigns and drive engagement.
Implicitly or explicitly all competing businesses employ a strategy to select a mix
of marketing resources. Formulating such competitive strategies fundamentally
involves recognizing relationships between elements of the marketing mix (e.g.,
price and product quality), as well as assessing competitive and market conditions
(i.e., industry structure in the language of economics).
Zodiac Signs and Food Preferences_ What Your Sign Says About Your Tastemy Pandit
Know what your zodiac sign says about your taste in food! Explore how the 12 zodiac signs influence your culinary preferences with insights from MyPandit. Dive into astrology and flavors!
2. Hogan Lovells | 2
• The need for tax reform
• Tax reform – Phase I (2007)
• Tax reform – Phase II (2015 - onwards)
• Phase II - proposed legislation for revision
– General Tax Law
– Corporate Income Tax Law
– Personal Income Tax Law
• Revision to VAT Law and Customs Duty and Tariffs Law
• Law on Customs Duty Exemptions
Table of contents
3. | 3Hogan Lovells
• Since 1990, over 100 laws were adopted with regard to taxation
• 46 of these laws have repealed
• 55 laws are currently in effect
• Amendments to tax legislation
– 53% related to state stamp duty
– 22% relate to tax exemptions
• Amendments to tax legislation
– Creation of business-friendly environment
– Simplicity, equality and sustainability
Evolution of the current tax regime
4. | 4Hogan Lovells
• Introduced "4 x 10%"
– Value added tax rate – 10% (reduction from 15%)
– Personal income tax rate – 10% (flat rate from 3 staged progressive taxation)
– Corporate income tax rate – 10% (from 15%)
– Social insurance premium rate – 10% (reduced from 29% and 19%)
Tax reform Phase I - 2007
Need for the tax reform
5. | 5Hogan Lovells
• 2012 - 2016 Government Action Plan
– "All Mongolians employed and having a proper source of income"
– "To bring the public private partnership to a new level and create a business friendly
environment"
• Phase II Tax reform objectives included
– Risk management system to be introduced in respect of inspections
Tax reform
6. | 6Hogan Lovells
• VAT Law recently revised
• Proposed revisions to tax legislation
– General Taxation Law
– Corporate Income Tax Law ("CIT")
– Personal Income Tax Law ("PIT")
• Revision to the Customs Duty and Tariffs Law, VAT Law and
Budget Law
• Law on Customs Duty Exemption
Tax reform Phase II
7. Hogan Lovells | 7
• Current regime no longer meet social needs
• Tax disputes: 2008 - 2012
– tax disputes involving MNT 726.135.2 million relating to 274 taxpayers
– 66.8% of the disputes were decided in taxpayer's favour
• World Bank - Doing Business "Paying taxes" ranking
– 2012: 57th
– 2013: 70th
Tax Reform
8. Hogan Lovells | 8
• Revised law
– Listed for agenda for 11 April 2016
– 10 chapters
– 60 articles
• Current law
– Adopted 20 May 2006
– 9 chapters
– 76 articles
General Tax Law ("GTL")
9. Hogan Lovells | 9
• Reflects the merging of former General Tax Authority and
Customs General Authority
• Revised, consolidated and introduced new terminology:
– taxpayer, tax re-imposition, tax re-imposition act, authorised representative (of
taxpayer), affiliated entities (Company Law)
– "actions without a definite business purpose" (tax evasion)
– tax evasion within the framework of the law (manipulation of tax exemption and partial
relief policies etc.)
– Principle of actual price determination (affiliated entities transaction)
– Detailed sample pricing method
Draft General Tax Law
10. Hogan Lovells | 10
• Tax to include inter alia:
– Asset taxes (immovable property, firearms, vehicles)
– Waste management services
– Fees for utilisation of natural resources other than minerals
• Tax support
– Tax stabilisation of tax as per relevant laws (Investment Law)
– Reimbursement of tax payments in certain circumstances (student dependents, VAT)
– Tax holiday of exemption or discount for certain purposes and definite period
• Taxpayer registration/updating of details – 21 days (now 14 / 20)
Draft General Tax Law
11. Hogan Lovells | 11
• Taxpayer rights
– Right to file a complaint with Tax Dispute Committee
– Right to provide relevant evidence and grounds in defence of an allegatgion
– Benefit from a simplified tax registration regime
• Taxpayer obligations
– Clarifies sales terminal requirement for all taxpayers under the VAT Law
– Obligation to inform the relevant tax authority in the event the owner/shareholder of the
legal entity "directly" or "indirectly" changes (Article 14.1.15)
Draft General Tax Law
12. Hogan Lovells | 12
• Taxpayer obligations (contd.)
– an "indirect change" means (Article 14.3):
a) "the transfer to a third party, in any form, of 50% or more of the shares and voting
rights of the owner of the relevant legal entity;
whereby
b) as a result of such transfer, the rights pertaining to an item which is taxable in
Mongolia is transferred to a third party".
Wholly or partially?
Draft General Tax Law
13. Hogan Lovells | 13
• Clarification of tax inspectors' rights
– Right of entry into premises
requires the permission of the "management officer" of the relevant tax authority
must be in the presence of:
o eyewitnesses; and
o the taxpayer or his/her/their authorised representative
– Summon the taxpayer and his "client/customer" (харилцагч)
– Demand that other taxpayers who have had interactions with the taxpayer provide
information relating to the income, expenses and assets of the relevant taxpayer being
audited
Draft General Tax Law
14. Hogan Lovells | 14
• Tax inspectors – prohibitions
– Disclose confidential information
– Disclose to the taxpayer any acts which have not yet been approved
– Over/undercharge those taxpayers who benefit from an Investment Agreement with the GoM
– undertake representation roles, within 2 years of leaving the employment with tax authority
– contact and/or pressure taxpayers re. matters not related to tax (such as persuade to purchase
goods/services)
Draft General Tax Law
15. Hogan Lovells | 15
• Improvements to tax database
– information on decisions of the Tax Dispute Resolution Committee and courts
– information from relevant authorities
– information obtained from third parties
– tax payment history
• Systemisation of tax inspectors' decisions
– printed on pro forma forms as adopted by the central tax authority
– each to contain unique numbers and be registered in the database
Draft General Tax Law
16. Hogan Lovells | 16
• Tax imposition
– 1 week extension if tax payment and reporting dates fall during public holidays
– taxpayer may amend a tax report already submitted unless tax inspection has started
– Points for review of tax reports have been expanded (from 6 to 10)
– Within 5 working days of such review, discrepancies in the information shall be notified to
the taxpayer
– The taxpayer must make necessary changes or provide an explanation within 5 working
days
– Within 5 days a receipt of response from the taxpayer, tax authority may:
agree to the taxpayer's response; and
in the event of disagreement, inform the risk officer at the tax authority and inform the taxpayer re.
the same
Draft General Tax Law
17. Hogan Lovells | 17
• Tax inspections/audits
– Must be risk-based (central tax authority is to adopt detailed regulations)
– Potential conflicts of interest must be taken into consideration when assigning tax
inspectors
– Entry into premises must take place during office hours but may be unannounced
– Entry into premises/property includes inspection of computer and similar devices
– Rights of ownership must be "honoured"
– The owner of the property, his/her authorised representative or local governance body
representative must be present; however absence shall not prevent the investigation
General Tax Law
18. Hogan Lovells | 18
• Revised Law
– Listed on agenda for 11 April 2016
– 10 chapters
– 60 articles
• Current Law
– Adopted 29 June 2006
– 9 chapters
– 76 articles
Corporate Income Tax Law ("CIT Law")
19. Hogan Lovells | 19
• Not For Profits
– Those entities whose principal activities are not for profit, but who conduct business
activities, are now subject to CIT
• Permanent establishments
– Permanent establishments of foreign entities are subject to CIT under the current law
– Draft law now defines "permanent establishments" as a permanent establishment of a
corporate entity of a country with whom Mongolia has entered into a DTT
Draft Corporate Income Tax Law
20. Hogan Lovells | 20
• Revised, replaced and new terminology:
– Business entities
Current regime only business entities (such as companies, partnerships, state or
locally-owned enterprises etc.)
This has been expanded to include federations, foundations, NGOs and media,
cultural, health, training and education organisations which earn a profit
Draft Corporate Income Tax
21. Hogan Lovells | 21
• Mongolian-sourced income (Article 4.1.8)
– Income from goods and services sold in Mongolia by non-resident taxpayer
– Income from organising of culture, sports and other event in Mongolia by non-resident taxpayer
– Income generated from sale of tangible and nontangible goods in his/her possession, usage,
proprietorship in Mongolia by non-resident taxpayer
– Income generated from sales of tangible and intangible goods and rights pertaining to the
same non-resident taxpayer
– Income generated from share sales by/of resident taxpayer
– Income generated from dividends paid by resident taxpayer
– Income generated from interest and guarantee paid by state, local government and resident
taxpayer
– Income generated from goods and services sold in Mongolia to resident taxpayer by non-
resident taxpayer
– Other income similar to the same
Draft Corporate Income Tax Law
22. Corporate Income Tax – Taxable Income
22
• Operational income - new categories
– Income from similar activities
– environmental restoration fund amounts repaid to the licence holder
• Assets income - new categories:
– Fees for use of experimental equipment in industry, trade and science
– Fee for right to conduct business (Article 10.2.7): MNT 500,000
23. Draft Corporate Income Tax
• Asset sales income - new categories:
– Current law:
sales of movable property; and
sales of immovable property
– Revised law:
sales of immovable property;
sales of rights; and
sales from tangible property and intangible assets
23
24. Hogan Lovells | 24
Current law
• For the purposes of the CIT Law, affiliated parties of a business entity
means those persons that:
– hold 20% or more of the issued common shares of such business entity;
– are entitled to receive 20% or more of dividends and profit distributions of such business
entity; or
– are entitled to appoint 20% or more of management personnel of such business entity or
determine policies and directions of its operations.
Affiliated parties
Corporate Income Tax Law
25. Hogan Lovells | 25
Revision
- Draft law cross refers to the definitions in the Company Law, Conflict of
Interest Law and Family Law;
- In addition it includes those entities/individuals who directly or indirectly
participate in management, control and [ownership of] assets of certain
taxpayers.
Affiliated parties (contd)
Corporate Income Tax Law
26. Hogan Lovells | 26
• Draft Law
– Income MNT 0 - 10 billion: 10%
– That portion over 10 billion: 25%
• Current Law
– Income MNT 0 - 3 billion: 10%
– That portion over 3 billion: 25%
Changes to standard tax rates
Corporate Income Tax Law
27. Corporate Income Tax – Changed/revised specific tax rates
No. Taxable income Tax rate
1 Income from dividends and proceeds of partnerships/cooperation agreements 10%
2 Income from contractual default interest and/or default penalty, compensation for
damage
10%
4 Income from sale of rights
- Mining licences
- Other rights
30%
10%
6 Income from interest and/or penalty for non-performance of contract duties, and
compensation for a damage
10%
7 Income from goods and services received free of charge from third parties
27
28. Corporate Income Tax – Changed/revised specific tax rates
No. Taxable income Tax rate
9 Business entities that are resident in Mongolia* 10% & 2%
10 Withholding tax on income earned within Mongolia or Mongolian-sourced income of
tax payers without permanent establishment
20%
28
29. Corporate Income Tax – Withholding tax regime
• 20% withholding tax for tax payers without a permanent establishment:
– income earned within Mongolia or
– certain Mongolian-sourced income:
– Income from goods and services sold in Mongolia by non-resident taxpayer
– Income from organising of culture, sports and other event in Mongolia by non-resident taxpayer
– Income generated from sale of tangible and nontangible goods in his/her possession, usage,
proprietorship in Mongolia by non-resident taxpayer
– Income generated from sales of tangible and intangible goods and rights pertaining to the same
non-resident taxpayer
– Income generated from goods and services sold in Mongolia to resident taxpayer by non-
resident taxpayer
– Similar incomes
29
30. Losses carried forward
• Current law:
– Infrastructure and mining: 4 – 8 years
– Other sectors: 2 years
- Revised law: 5 years
- Exclusion: does not apply to foreign permanent establishments of
Mongolia-incorporated entities.
30
31. Hogan Lovells | 31
• Exclusion: Article 27.9 - payment of fee (MNT 500,000) for
dormant entities
– Reporting for shall start the year following the year of incorporation
– Reporting by 10 February
– Simplified tax report shall be submitted once a year (Article 27.10)
• Tax payments – threshold-based
– Income of MNT 1.5 billion or more – quarterly reporting to be submitted within 20
days of the next quarter
– Income of MNT 50 million - 1.5 billion semi-annual reporting by 10 February and 20
July (Article 27.5)
Reporting
Corporate Income Tax Law
32. Hogan Lovells | 32
• Tax payments – threshold-based (contd)
– Income MNT 50 million or less (Article 27.6)
now may report semi-annually by 10 February and 20 July (Article 27.5)
Reporting
Corporate Income Tax Law
33. Draft Corporate Income Tax Law
Tax exemptions
• Current CIT Law contains multiple tax exemptions
• Revised law exemptions reduced to:
– interest accrued on bonds issued by the government or Development Bank;
– income of legal entity with more than 25 employees of whom at least 2/3 are
handicapped;
– income from sales of technique and equipment that are environmentally friendly, efficient
in terms of natural resources usage, reduces environmental pollution and waste; and
– income from sale of products allocated to the taxpayer as per the relevant product
sharing agreement in the petroleum sector (GoM to determine)
33
34. Draft Corporate Income Tax Law
Tax credits
• For those legal entities whose resident in Mongolia and whose income is
below MNT 1.5 billion, 90% of the tax shall be credited
• The relevant taxpayer shall benefit from the credit in the following year
• New/revised exclusions:
– Minerals extraction, import, export
– Petroleum extraction, import, export
– Mobile communications operations
– Banking and finance
– Alcohol producers and sellers
• Such 90% shall not apply to dormant entities who pay MNT 500,000
34
35. | 35Hogan Lovells
• Tax regime is undergoing major changes
• Political circumstances are affecting the legal development
• Tax reform Phase II, first part - VAT Law
- Amendment to PIT Law
• Tax reform Phase II, second part
- General Tax Law – more clarity provided
- CIT Law – amendments and clarifications
• Overall message is business-friendly tax regime
• Real implications to be tested once proposed laws and adopted and
implemented
Conclusion