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The economy of Mongolia has traditionally been based on agriculture and livestock. Mongolia also has extensive mineral deposits: copper, coal, molybdenum, tin, tungsten, and gold account for a large part of industrial production. Soviet assistance, at its height one-third of Gross domestic product (GDP), disappeared almost overnight in 1990 ...
A windfall tax is a higher tax rate on profits that ensue from a sudden windfall gain to a particular company or industry. There have been windfall taxes in various countries across the world, including Australia, Italy, and Mongolia.
The Erdenet Mining Corporation is one of the Mongolian state-owned enterprises and accounts for a majority of Mongolia's hard currency income. Erdenet mines 22.23 million tons of ore a year, producing 126,700 tons of copper and 1954 tons of molybdenum. [2] The mine accounts for 13.5% of Mongolia's GDP and 7% of its tax revenue. [3]
Outer Mongolia within Qing China in 1911. By the early 20th century, Mongolia was impoverished. Repercussions from the Taiping Rebellion (1850–1864) were primarily responsible for this economic deterioration. Loss of tax revenue from South China during the rebellion and expenses for its suppression had depleted the Qing treasury.
Taxation. In 2006 Mongolia implemented a 68% windfall tax, which was the world's highest. The tax was based on profits made by mining companies on copper and gold sales above $2,600 per ton and $850 per ounce respectively. [23] [24] The tax was repealed in 2009 and phased out over the next two years.
Golomt Bank, one of the first commercial banks in Mongolia, was established on 1995. Today, Golomt Bank grown to become the leading commercial bank in Mongolia with about 2,400 employees and 1 million customers comprising 20 percent of Mongolia’s banking sector alone. With the “ Investing for a brighter future ” slogan, the Bank delivers ...
e. This article lists countries alphabetically, with total tax revenue as a percentage of gross domestic product ( GDP) for the listed countries. The tax percentage for each country listed in the source has been added to the chart. Tax revenue as percentage of GDP in the European Union.
In 1985 nearly 63 percent of revenues came from the turnover tax, 29.9 percent from deductions from profits, 3.5 percent from deductions from the social insurance fund, 0.7 percent from taxes on the population, and 3.2 percent from other types of income.
^1 Nei Mongol is the only province in China to levy a tax on banquets. ^2 Shanxi province collects about 60 per cent of the slaughter tax in China. ^3 Xinjiang is the only province in China to levy a tax on animal husbandry. References
Socialist era tögrög in the National Museum of Mongolia. The tögrög was introduced on December 9, 1925, [3] at a value equal to one Soviet ruble, where one ruble or tögrög was equal to 18 grams (0.58 ozt) of silver. It replaced the Mongolian dollar and other currencies and became the sole legal currency on April 1, 1928.