DRAFT LAW ON TAX EXEMPTION APPROVED

Ulaanbaatar /MONTSAME/ A meeting of the Standing Committee on budget discussed Tuesday afternoon a draft law on Customs and VAT exemption. Energy Minister M.Sonompil MP said the draft foresees tax (customs and VAT) freeing for imports of equipment and tools needed for capacity expansion project of the Power Plant 4, a state-owned company. The Minister advises a technical opening to cover an increasing energy consumption of the capital city in a short time and at relatively less costs. The project is expected to cost USD 70 million, and to recover it within 4.5-7.8 years. At the meeting, the Committee agreed to discuss the issue at a parliamentary session.