www.thestandard.com.hk 2013 – 10 – 03
Lawmakers in Mongolia approved new investment legislation that overturns a contentious law passed just last year, China state media reported.
The new law stabilizes taxes for investors who bring more than 15 billion tugrug (US$9 million) into the country, Xinhua reported from Ulan Bator.
The four kinds of levies would be stable for a period of between 10 years to at least 13 years depending on location and investment value, the report said, without providing further details.
A mining boom has given resource-rich Mongolia one of the world’s highest growth rates and created wealth. That, however, has also raised accusations of exploitation by foreign companies and environmental impact concerns.
In 2012, Mongolia tightened approval requirements for foreign companies seeking to do business in “strategic’’ sectors such as minerals. Incoming investment subsequently fell sharply as a result.—AFP