Bayartsogt Sangajav, the Finance Minister to the lawmakers of the Khural: there are things that can not be measured by money and profit terms

Today during the parliamentary hearing, the Finance Minister was under intense pressure from the lawmakers which questioned why Government proposed to annul the tax which generated nearly 1 trillion Tugrig for government coffer. Much of the revenue was spent on social wellfare programs for poor as cash handouts.One third of it was spent for infrasructure development and another one third was used as government guarantee for bank deposits.
Bayartsogt said " there are things that can not be measured by money only. These are our national security, foreign policy and independence. Mongolia have been pursuing active third neighbor policy since early 90s. We have to make a political decision on Oyu Tolgoi. We have to welcome mining companies from our third neighor countries. Same economic stimulus software is used by us and as well the group from the miners on determining economic feasibility study of the mine."
Some of the lawmakers suggested to substitute the windfall profits tax with another tax or increase royalty tax.

Reporting by Ganbat, reporter of MonInfo, news and information services





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