Lkhagvajav Baatarjav, President of the MNCCI, addressed, “Business representatives held long discussions with the Ministry of Finance on the package bills. We believe that these laws are well-prepared for setting the foundation of a good tax system.”

Minister of Finance Khurelbaatar Chimed highlighted that the key changes in the package bills are the extension of the tax payment period from two months to 24 months, instant repayment of overpaid taxes, the improved authority of tax officials, prevention of investigation on no-risk taxpayers, annulment of the prescription period on tax evasions, and improved accountability of tax authorities.

“Within the frames of the bill, the Government will hold policy to support fair and responsible taxpayers and cut the costs of deductibles. We will take firm actions against tax evasions, avoidance, and unfair taxpayers, collecting full taxes in accordance with the law,” noted Mr. Khurelbaatar. The bill sets a fixed tax rate of 10 percent and entities with an annual income of MNT 50 million or lower will pay 1 percent tax and are required to submit a single financial report throughout the year. While the entities with an annual income of MNT 3 billion or lower are required to submit half-annual reports, the high-income firms are required to submit quarterly reports.

Key changes in the Corporate Income Tax include a reduction of 20 percent tax on the outbound transfer of income to 15 percent, 20 percent deductibles on dividends to foreigners to 5 percent, and 10 percent tax on bank-based financial sourcing to 5 percent.

"Natural disasters pose a common challenge to many countries in the world. People must be made aware of what natural disasters they are likely to face in their own communities," Batmunkh Uuganbayar, deputy head of NEMA, told a press conference, adding that the training aims to improve public awareness on disaster preparedness and response.

The scenario of training will be a strong earthquake hitting the capital city, Uuganbayar said, noting that all residents and organizations of Ulan Bator must attend the training.

During the training, the Mongolian capital will close its roads off to all vehicles, he said.

The training includes emergency evacuation drills, workshops on how to protect oneself and one's family and how to send accurate information to the public during a natural disaster.

Authorities from the Metropolitan Professional Inspection Agency said the local license holder of the KFC franchise, Tavan Bogd, was responsible for the 247 cases of diarrhea, vomiting and fever reported this month. Officials said they found serious violations in health standards and a failure in internal hygiene controls. Lab tests detected bacteria in the drinking water and E. coli in soda.

Yum! Brands Inc., which oversees the franchise, said KFC Mongolia is cooperating with the government’s investigation.

“There is nothing more important to KFC than the health and safety of our customers,” the company said in an emailed statement. “We deeply regret the negative impact that many people have suffered.”

Tavan Bogd, which also holds rights to Yum’s Pizza Hut chain of restaurants in Mongolia, did not immediately respond for a comment.

Tavan Bogd Group launched its first KFC location in 2013, under its subsidiary Tavan Bogd Foods, and has since expanded to more than 10 locations in the capital city.

— With assistance by Daniela Wei

The Iranian National Commission for UNESCO in a press release suggested that China and Mongolia may possibly join Noruz that is inscribed on the Representative List of the Intangible Cultural Heritage of UNESCO, Mehr reported on Monday.

Noruz, which usually falls on March 21st every year, marks the beginning of spring across a vast geographical area encircling Iran. It was registered as a deep-rooted tradition being practiced in Iran, Azerbaijan, India, Kyrgyzstan, Pakistan, Turkey, Uzbekistan, Kazakhstan, Afghanistan, Turkmenistan, Tajikistan, and Iraq.

Tehran’s Milad Tower is to host an international ceremony in honor of Noruz on February 28, the report said.

Noruz was ratified during the 11th session of the Intergovernmental Committee for the Safeguarding of the Intangible Cultural Heritage, held in Addis Ababa, Ethiopia.

The feast was initially registered on the UNESCO List of the Intangible Cultural Heritage of Humanity in 2009, as a common tradition for Iran, Azerbaijan, India, Kyrgyzstan, Pakistan, Turkey, and Uzbekistan. However, the five other countries put in requests officially to be added to the list during a meeting held in Tehran in January 2014.

According to the UNESCO, Noruz promotes the values of peace and solidarity between generations and within families, as well as reconciliation and neighborliness, thus contributing to cultural diversity and friendship among peoples and various communities.

Traditions that are practiced in Noruz vary from place to place, ranging from leaping over fires and streams in Iran to tightrope walking, lighting candles at house doors, traditional games such as horse racing or the traditional wrestling practiced in Kyrgyzstan.

The USD 500 million bond was successfully traded in the global market on October 16, 2018. As the bond had no government guarantee, it set a model interest rate for other creditors in Mongolia.

An offer of USD 4.1 billion--8 times more than the amount they put forward, was first received by the DBM. Analysts speculate that the high demand was due to the measures that were taken by the Government of Mongolia and the DBM in enhancing the relationship with foreign investors. Thus, despite the instability in the global market, he oversubscription allowed for a final pricing of 75 basis points inside the initial guidance. The 5-year notes carry a coupon of 7.25 percent, proving that the ideal environment for both the government and privately owned companies has been created, restoring investors’ trust.

The export income of 2.3 million tons of coal totaled USD 190 million and the Customs organization accumulated MNT 3.53 billion to the State budget.

In this light, the Deputy Governor of Khovd aimag, Chairman of the Energy Regulatory Commission of the aimag T.Jargalsaikhan, and Head of the Governor’s Office of Khovd aimag D.Enkhbold received the delegates of LOOP LLC last week, where the authorities of Khovd aimag expressed that the aimag is ready to fully support the construction work of new renewable energy project.

LOOP LLC of Japan is an experienced company which is running sustainable operation in the renewable energy sector in recent years. Since 2011, the company has constructed more than 2000 solar power plants with a capacity of 250 MW.