Phanar Legal and Novus Law Group Enter Into Strategic Alliance for UK-Mongolian Business
Phanar Legal and Novus Law Group are pleased to announce a strategic alliance to serve the needs of UK-Mongolian business. Whilst remaining separate for legal and regulatory reasons, for UK and Mongolian clients the firms operate as a single firm for client purposes offering clients both English law and Mongolian law expertise. The firms’ combined expertise encompasses all commercial...Read More
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Auctions for Contracts Are Being Introduced to the Draft Amendment of the Renewable Energy Law
An amendment to the Renewable Energy Law has been drafted by the Energy Regulatory Commission of Mongolia and is being planned to be submitted to the Parliament discussions. Please see below a summary of the main changes to the Renewable Energy Law.Auctions for ContractsAmong the changes to the Renewable Energy Law, the notable one is the introduction of the auction-based approach for...Read More
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Mongolia: Directives for Privatization and Restructuring of State Owned Entities
Currently, there are 102 State enterprises operating in Mongolia. Most of these enterprises are wholly owned by the State whereas some have less than 100% State ownership. Out of these 102 entities, 10 are operating under Erdenes Mongol LLC and 5 under the Ministry of Finance while 87 are operating under the Government Agency for State Property Policy and Coordination. The Parliament decides...Read More
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Indirect Transfer of Mineral Licenses – Taxable Starting from January 1, 2018
The tax treatment of offshore/onshore indirect transfers i.e. sale of shares of a Mongolian company holding mineral license(s) – has emerged as a significant issue in recent years in Mongolia. The report prepared by the staff of the International Monetary Fund on “Safeguarding domestic Revenue-A Mongolia DTA Model” from 2012 (“IMF Report”), as part of technical assistance to...Read More
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New Regulations: Tax on Transfer of Land Possession and Use Rights, Registry of Ultimate Beneficial Owners
On 9 November 2017, the State Great Hural (Parliament) of Mongolia adopted amendments to the General Taxation Law, Corporate Income Tax Law, Personal Income Tax Law, Legal Entity Registration Law, and Land Law.Tax on Transfer of Land Possession and Use RightsUntil recently, there has been no precedent for imposing taxes on the transfer of land rights and the transfer of shares of...Read More
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New Mining Law Draft Incoming
Minister of Mining and Heavy Industry Ts.Dashdorj and Minister of Justice and Internal Affairs S.Byambatsogt have approved a concept for a new Mining Law draft in January 2017. A new working group was established at the Ministry of Mining and Heavy Industry to draft the new Mining Law, which would form the basis of the mining legislation and considered to be one of the most important legal...Read More
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Draft Law on Investment Banking has been submitted
On December 28, 2016, several parliament members including Javkhlan.B, submitted the bill of law on Investment Banking (the “Draft Law”) to the Parliament of Mongolia. However, the Draft Law was not included in the agenda of the matters to be discussed in the spring session of the parliament, the Draft Law had put to be discussed in the economic standing committee of the parliament and...Read More
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