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The Windfall tax or windfall profits tax in Mongolia was a taxation on the profits made by mining companies operating in Mongolia. It was implemented in 2006 and was the highest windfall profits tax in the world. It was a tax on unsmelted copper and gold concentrate that was produced in Mongolia. The tax was repealed in 2009 and phased out over ...
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 ...
Windfall tax. 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, [1] Italy, [2] [3] [nb 1] and Mongolia. [5] [6] Following the 2021–2023 global energy crisis, policy specialists at ...
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Golomt Financial group (77.195) Swiss-MO Investment LTD (5.21%) Golomt Bank ( Mongolian: Голомт банк) is publicly traded financial services company based in Mongolia. As of 2023, the company employs 2300 workers, serving 1 million customers primarily in Mongolia. Golomt Bank is one of Mongolia's largest commercial banks after Khan ...
In 1940 some 34.6 percent of revenues came from the turnover tax (a value added tax on each transaction), 7.8 percent from deductions from profits, 16.7 percent from taxes on the population, and 40.9 percent from other kinds of income. In 1985 nearly 63 percent of revenues came from the turnover tax, 29.9 percent from deductions from profits, 3 ...
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. The tax was repealed in 2009 and phased out over the next two years. See also. Energy in Mongolia; References