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Редакцийн зурвас

Minerals Law needs immunization

Yet another issue related to the Minerals Law made waves across the mining sector. Rumor has it all the confused, shocked and bewildered businessmen called one another to figure out what was going on. The normally busy miners have been astounded by the Finance Minister’s statement that mining companies were no longer required to pay royalties as ruled by the Constitutional Court.

On the other hand, Minister of Finance Ch. Khurelbaatar saying that “the 1.3 trillion MNT tax revenues have been scrapped off due to the Constitutional Court’s decision and that natural resources have become the property of companies, not the people” became a recently-unheard- of a populist statement. On the contrary, none of the minerals extracting companies refused to pay royalty and in fact, they are reiterating their main responsibility to pay them.   

The root and main culprit of the issue are evident here. Mongolia is now faced with the need to re-open the discussion on whether to keep exporting its resources in the form of raw materials or to decide whether only mining licensed companies can establish concentrators and processing plants. What’s more, it’s crucial to pass the law without including any “double entendre”.  

In the bigger picture, this is another reason the Minerals Law needs an immunization. As mentioned previously, this is not the first time an amendment to the Minerals Law is creating trouble. The 2017 amendment raised the license transfer tax to 30 percent, aggravating investors at the time. It’s hard to deny the possibility of another issue arising from the amendment proposed by the Ministry of Environment and Tourism. As such, we desperately need to immunize the so-called “Constitution” of the mining sector that makes up one-quarter of the budget revenues and creates the largest impact on economic and business growth and avoid making amendments according to the whims of a completely different sector. 

 

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Эрхлэн гаргагч

Э.Долгион


Үүсгэн байгуулагч

David D'Astoli


ГҮЙЦЭТГЭХ ЗАХИРАЛ

Б.Батманлай

ЕРӨНХИЙ ЭРХЛЭГЧ

С.Болд-Эрдэнэ

Дизайн Директор

О.Болдбаатар


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