Legal Alert: Amendments to Laws
In connection with the COVID-19 pandemic, and in order to support individuals and business entities and reduce the negative impact of the pandemic (1) the law on the exemption from social insurance premiums and support from the Unemployment Insurance Fund and (2) the law on tax relief and exemption from corporate income tax was adopted on 9, April 2020. These laws were amended on 28, August 2020.
Registration of ultimate beneficial owner information
Financial Action Task Force (FATF) announced that Mongolia included in the FATF grey list considering as a favorable country for supporting money laundering and terrorism financing on 18 October, 2019.
Mongolia: Mining 2020
Due to Mongolia has a rich resource of minerals, it is attracted by many foreign investors and many foreign and domestic companies looking for investment or business opportunities in the mining and petroleum sectors.
Mongolia is one of the 29 resource-rich developing countries identified by the International Monetary Fund. Approximately 2745 legal entities are held the mining and exploration licenses for 7,248,800 hectares area. It is covered 4.6% of the overall territory of Mongolia .
Mongolia is one of the 29 resource-rich developing countries identified by the International Monetary Fund. Approximately 2745 legal entities are held the mining and exploration licenses for 7,248,800 hectares area. It is covered 4.6% of the overall territory of Mongolia .
Impact of COVID-19 and its prevention measures on Mongolian economy
According to the latest update on national statistics, the Mongolian economy has shrunk by 10,7% in connection with the pandemic. The primary condition for the shrink is the decrease in the export of coal, copper and zinc concentrate, and oil due to declining demand for mineral resources in connection with the slowdown of Chinese economy, as the dependence from China is substantial. Following this, the current account deficit reached 767.0 million USD, increased by 368.9 million USD as of the first quarter compare to the same period of the previous year.
MONGOLIA: Approval of package laws on exemption and credit of Tax and Social insurance premium during Covid19
Approval of package laws on exemption and credit of Tax and Social insurance premium during Covid19
27.03.2020
In accordance with Article 1.2 of Appendix of the Regulation No A/121 on Procedure to issue a Certificate on force majeure and hardship by the Chairman of Mongolian National Chamber of Commerce and Industry(hereinafter “the Chamber”) dated 24 January 2020, a force majeure means the parties are unable to implement their contractual obligation due to the following obstacles which are beyond the reasonable control of parties, unforeseeable circumstances and cannot be predicted, prevent or overcome by scientific and technological achievement.
Legal briefing on Combating money laundering and terrorism financing of Mongolia
By having failed to adequately comply with the recommendations of the Financial Action Task Force (FATF) on concerning anti-money laundering and counter-terrorism financing (AML/CFT) measures, Mongolia has been added to the FATF’s grey list along with Iraq and Zimbabwe on October 4, 2019. The FATF is an inter-governmental body established in 1989 to combat money laundering, terrorist financing and other related threats to the integrity of the international financial system.
Railway transportation regulation of Mongolia
Railway transport regulations of Mongolia comply with some agreements and rules.
Doing Business in Mongolia
Tremendous mineral reserves, agricultural endowments, and proximity to Asia’s vast markets make Mongolia an attractive destination for medium- to long-term foreign direct investment (FDI).
23.01.2020
The Women, Business and the Law Report is a publication of the World Bank Group that benchmarks business regulation in 190 countries worldwide.
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Ulaanbaatar, Mongolia