Cabinet held a meeting on Monday, and its ministers decided not to withdraw a draft of amendments to the taxation of small enterprises engaged in food, textiles, construction, and agriculture with annual revenue under 1.5 billion MNT, requiring them to pay only one percent in revenue tax.
Cabinet believes that its small business tax proposal will be important to promoting small business and to help create jobs. If approved, the amendments will be enacted on January 1, 2017.
The ministers discussed a proposal to grant quarterly grants to widowed mothers with three or more children, an annual grant to the mothers of twins up to 4 years old, and grants to mothers taking care of children under the age of three.
A budget of 72.4 billion MNT has been outlined for the proposed allowances. The Minister of Finance has been instructed to allocate up to 500 million MNT to respond to requests for support from local government offices of soums and provinces facing winter challenges.
Cabinet submitted amendments to the laws on roads, conflicts, and companies for Parliament to review.