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The Mongolian Cabinet this week formally embraced a new investment program for the years 2018 through 2021. The proposal was formulated based on recommendations from all government ministries. The program includes plans for development of large power plants, oil refinery and rail projects, which have all completed key feasibility study requirements.
The planned rail project includes a 414-km stretch from Zujnbayan soum of Dornogovi to Tavan Tolgoi coal mine, including establishment of a new Zuubayan Railway Company to oversee the project in coordination with Mongolian Railway Company.
The Minister of Finance confirmed that the Cabinet reviewed an outline of proposed amendments to state taxes and other laws as part of a new effort to improve the countries taxation system and regulatory environment. The new taxation plan was developed over a course of discussions with all provinces, and a review of over 5,000 specific proposals on tax reform. In all over 20 separate laws will be amended.
Also this week, the Parliament of Mongolia reviewed proposals for development of small and medium businesses. New laws will promote new “green” businesses and will reform the government procurement process with an eye to eliminating waste and corruption. At the same time, business reform aims to reduce taxes fees and red tape for small and medium enterprises.