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Daily NEWSWIRE
September 13, 2016
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Government

The Prime Minister of Mongolia meets with business representatives

Summary: The Prime Minister of Mongolia, J. Erdenebat met with the Board of Directors and representative members of the Mongolian National Chamber of Commerce and Industry to discuss the tax environment, challenges Mongolian businesses are facing and ways to overcome the difficulties. The Mongolian National Chamber of Commerce and Industry expressed their desire to work with the Government on solving problems facing taxpayers, improving the current pension system, and creating a better monetary policy and macroeconomic environment. During the meeting, the President of Nomin Holding Sh. Bayarsaikhan proposed to enforce the Law on Value Added Tax on all businesses equally to make the corporate income tax bracket more flexible and to initiate the Prime Minister’s Business Counsel. Jur Ur LLC’s Head of HR B. Munkhzul proposed to make amendments to the Law on SME by increasing the threshold for SMEs. Current law dictates that to be considered a SME, the commercial entity must have an annual profit of less than 1.5 billion MNT and have less than 50 workers. Since the requirements are not high, many companies cannot participate in certain projects and programs that are created for SMEs. The Prime Minister of Mongolia stated that in the future, any major decisions will be counseled with representatives and experts from the private sector and a taskforce will be built to increase the cooperation between the Government and the private sector.     
 
 

Keywords: economic reform   The Official Gazette /page 2/ 


The closing time for bars and nightclubs will not change

Summary: The Head of Food and Service department of the Mayor’s Office O. Naratuya stated in an interview that people have been misinformed about the timetable for bars and nightclubs and, as announced in the press conference by the Mayor’s Office yesterday, the proposed changes are still in development and no final decision has been made. Citizens and commercial entities can vote on this proposed change on website of the Mayor’s Office for the next month and a final decision will be made by the Mayor’s Office. The proposed adjustment aims to change the closing time for bars and nightclubs to 12:00AM from October 1st till June 1st and 02:00AM during the summer time. Until a decision is made, bars and nightclubs will follow the old timetable and close by 04:00AM.
 

Keywords: legal reforms   Today /page A6/


ECONOMY

National Registration and General Statistic’s Office presented their August report

Summary: In the report, inflation is reported to be at 1.2% and the unemployment number reached 39.4 thousand. The non-performing loans given by banks reached 1 trillion MNT, increasing by 22.3% compared to last year. Overdue loans have reached 857.2 billion MNT, an increase of 9.9% compared to last year. The Government’s budget revenue is reported at 3.5 trillion MNT with expenses totaling 5.3 trillion MNT, equaling a budget deficit of 1.8 trillion MNT. The market capitalization of companies listed on the Mongolian Stock Exchange reached around 1.4 trillion MNT, a decrease of 4.7% from last month.

Keywords: statistics   The National Post /page 5/


MINING

Positive outlook for coking coal in the medium-term

Summary: The price of coking coal reached 140 USD per ton as of 2nd quarter of this year on the international market, which is an increase of almost 80%. The Director of the Mongolian Coal Association T. Naran stated that the price of coking coal will continue to rise steadily. Mongolia is planning to export 19 million tons of coal and have exported 11.5 million tons as of this August. Even though the number of companies exporting coal has decreased, the amount of exported coal has increased by 30% compared to last year. Mongolian mining companies have sold their coking coal for around 27-33 USD per ton, almost 4-5 times cheaper than the international market price. Erdenes Tavan Tolgoi JSC plans to export 8-10 million tons of coal and, according to participants of Discover Mongolia 2016, if Erdenes Tavan Tolgoi JSC can change their quarterly contract terms with Chalco Limited, they might be able to have a profitable operation. The steady rise in the price of coal might be able to invigorate not just Erdenes Tavan Tolgoi JSC, but other Mongolian mining companies as well.

Keywords: coal, export   The Official Gazette /page 11/


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ONLINE STORIES

Winter Schedule is announced    

Summary: The Mongolian Agency for Standardization and Metrology reported that on the passing night of September 23rd to September 24th, time will be adjusted 1 hour backwards to prepare for the winter schedule. Last March 26th, time was adjusted 1 hour forward to prepare for the summer schedule.
 

Keywords: timetable   www.montsame.mn


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