June 4, 2018

By-elections and re-elections for Citizens' Representative Khurals to be conducted in 11 provinces


The General Election Commission of Mongolia reported that by-elections and re-elections in some provinces and soums for Citizens’ Representative Khurals will be conducted on June 24, 2018. According to the Law on Elections, by-elections are set to take place nationwide on the last Sunday of June. A total of 23,477 voters have been registered and polling stations have been set up in 29 soums of 11 provinces, including Bayan-Ulgii, Bulgan, Dundgobi, Zavkhan, Selenge, Umnugobi, Tuv, Uvs, Khovd, Khuvsgul, and Khentii. A total of 83 candidates will compete in the elections. General Secretary of the General Election Commission Ts. Boldsaikhan stated, “The automated election process will take place. Preparations are being undertaken at the moment. The by-elections will be conducted for 32 seats and the re-elections will be organized in 3 electoral rounds.​

Keywords: elections, local government, GEC   Daily News /page 6/

Bill on bank recapitalization to be discussed


During its May 31st regular session, Parliament held a closed discussion on a bill on bank recapitalization and approved it for further review. Member of Parliament Ch. Ulaan and Governor of the Bank of Mongolia (BoM) N. Bayartsaikhan gave a press briefing on the bill, which is part of reforms for the banking sector. The central bank, in cooperation with international audit company PwC, completed an asset quality evaluation of the banking sector. Governor N. Bayartsaikhan noted, “It has been estimated that there is a 511 billion MNT equity shortage among the banks. We believe that this indicates low risk in the banking sector. The International Monetary Fund expressed the same view in its assessment statement.” MP Ch. Ulaan stated, “Banks are required to recapitalize through their own means in the first stage of reforms. If banks can’t recapitalize on their own, a mechanism allowing state support in the process is included in the proposed bill.”​

Keywords: BoM, Parliament, banking reforms   The National Post /page 2/


Ulaanbaatar Carpet JSC’s production grew by 17.9 percent in 2017


Ulaanbaatar Carpet JSC produced 50,000 m2 of carpet in 2017, an increase of 7,607 m2 (17.9 percent) when compared to 2016. Their  Altanbulag brand made up approximately 68 percent of 2017's production. The company sold a total of 50,500 m2 carpet last year for 2.9 billion MNT, earning Ulaanbaatar Carpet a net profit of 247.1 million MNT. The local market accounted for 68 percent of sales, while the remaining 32 percent was foreign market sales. The company says it is working to expand its export market and to improve its product design and quality. The company's share price currently stands at 17,500 MNT.​

Keywords: manufacturing, textiles   Today /page B1/

online story  

Pro-investment provisions reflected in proposed tax amendments


The Ministry of Finance has stated that the government's proposed tax cuts will not put pressure on the state budget and will ultimately contribute to increases in tax revenue of 13 to 14 percent as several legal provisions supporting investment are reflected in the proposed amendments to tax laws. Changes include bringing the period to calculate building depreciation down to 25 years and setting the continuity period for transfer of loss at five years for all sectors. In order to support stock market activities, taxes on interest income from bonds and securities would be reduced to 5 percent, down from 20 percent, under the proposed amendments.​

Keywords: tax reform, FDI, Ministry of Finance

Facebook Twitter LinkedIn Website

This email was sent to <<Email Address>>
why did I get this?    unsubscribe from this list    update subscription preferences
The American Chamber of Commerce in Mongolia · 8F Naiman Zovkhis Building 21 Seoul Street · Ulaanbaatar, 01 15000 · Mongolia