Parliament discussing tax discount for small companies

Ulaanbaatar /MONTSAME/ The Parliament is running the first reading of the draft amendments to the Law on Income Tax on Entities on October 27. The amendments suggest reducing the tax rate for companies with annual sales income of less than MNT 1.5 billion, by 90 percent. Thereby, this applies to the companies engaged in food, clothing, textile and construction materials productions, land-farming and animal husbandry. When adopted, the amendments will enable these companies to enjoy the tax discount between 1 January 2017 and 1 January 2021. The conclusion by the corresponding standing committee was introduced by Ts.Davaasuren MP.