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Altogether 105 participants, including 25 non-BCM members, attended a workshop on ‘International and Domestic Tax Issues’ on Tuesday, November 10, 2009.The Business Council of Mongolia (BCM) arranged the workshop and co-hosted it with PricewaterhouseCoopers (PwC). The main speaker was Mr. Tomas Balco, Senior Tax Manager at PwC-Almaty, and Mr. Cliff Isaak from PwC-Georgia acted as moderator.
Excellent contributions were made at the panel discussions by Mrs. D. Onchinsuren, General Director, Onch Audit and Head of BCM Tax Working Group; Mr. B. Ganhuleg, Tax Manager, Centerra/Boroo Gold; Mr. D. Bayaraa, Head of Taxpayer Communication Department, General Department of Taxation of Mongolia; Mrs. R. Munkhtuya, Deputy CEO, Khan Bank; and Mrs. D.Hulan, Executive Vice President, Tavan Bogd Group. Key recommendations on the issues discussed will be finalized by the BCM Tax Working Group and submitted to the Ministry of Finance, the Tax Authority, other relevant Government bodies and key officials. Simultaneous translation was provided from English to Mongolian and vice versa. Click on the PDF files below to view the two main presentations by PwC and BCM Tax Working Group. Tax Issues and Challenges of Investors in MongoliaTaxation in the Years of Crises |
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Laurenz Melchers, BCM Chairman, overviewed the key issues affecting the Mongolian business climate at FIFTA's "Assessment and Recommendation of the Investment Environment" consultative meeting organized on October 7-8, 2009.
Click here to view the presentation. |
Mr. Jim Dwyer, Executive Director of the Business Council of Mongolia (BCM), made a presentation on key issues in Mongolia's banking system at FIFTA's "Assessment and Recommendation of the Investment Environment" consultative meeting co-organized with BCM on October 7-8 2009. Click here to view the presentation. |
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Jim Dwyer, Executive Director, Business Council of Mongolia
Mongol Messenger, September 2, 2009
The OT investment agreement which is expected to be finalized in the next two weeks will provide the template, long-awaited by many significant potential as well as current private sector investors, for much needed Foreign Direct Investment (FDI) in Mongolia.
As the Business Council of Mongolia (BCM) noted in a letter to all Members of Parliament that was published in the daily newspaper, Montsame Medee, on July 9, 2009, “The Project is critical and the effective way for Mongolian economic development and poverty reduction. We look forward to your leadership so that the mine will start operation and employ thousands of Mongolians with major positive economic effects on the supply chain nationwide.”
FDI could come from major global entities such as Oaktree Capital, a private equity fund with $60 billion under management, based in Los Angeles. Oaktree's Asia Chairman, Ralph Parks, said at Euromoney's Mongolia Investment Forum in Hong Kong in early 2009, "I have been in Mongolia about 15 times in the last several years and have come close to three major investments. But I will not be back unless and until an OT investment agreement is made with the Government. This will provide the template necessary for investors in Oaktree's funds to rely upon for future investments. Then I will be back, able to commit funds in a country with vast potential."
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More than 120 participants, among them the South Korean Ambassador, attended the “Western Region: Investors Forum-2009” in Hovd in the province of the same name on August 28. The Ministry of Foreign Relations and Trade and FIFTA jointly organized the forum to discuss how to attract foreign investment to help in the region’s development, and the opportunities and advantages the region offered. Among the speakers were Deputy Prime Minister M.Enkhbold, five provincial Governors – of Bayan Ulgii, Gobi Altai, Zavkhan, Uvs and Khovd provinces – the Head of the Western Economic Region Council, the Deputy Chairman of FIFTA, Trade and Investment Policy Advisor of JICA and Director of Mon N Co (Coal) company. Speakers emphasized the need for the authorities to be more investor-friendly and to take their role in development as more than obstructive regulators. The provinces are seeking investment in ecotourism, steel rolling, cement factory, agriculture, livestock, wool and leather processing and irrigation. Those interested in any of these investment areas can contact the BCM office for more information and/or help.
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BCM News & Press