Boroo Gold tops the list by paying Tgs40 billion in taxes

Boroo Gold Company’s President John Kazakoff, the largest tax contributor in
Mongolia
Boroo Gold Company was named as the first biggest tax payer in Mongolia, contributing Tgs 40 billion in taxes for 2009. It means the company paid an average of Tgs 200 million per day. Other ‘Top tax payers’ are Tavan tolgoi joint stock mining company (JSC), – Mobicom LLC, mobile phone operator, — Spirit & Bal Buram, beverage and alcohol producer, — NIC, fuel importer,— Mongolyn Alt LLC, mining company, — and Mongol tamkhi Co LLC, tobacco producer.
General Taxation Authority of Mongolia names the best tax payers every year, considering their contribution to the budget as taxes, no breach of tax laws, payment of taxes in due time, and the increase of amount, paid in taxes. On May 7, the General Taxation Authority of Mongolia granted largest tax payers the certifications. GTA granted GEM International LLC the title “Best tax payer of 2009” and handed over certificates for “Reliable tax payer” to other 98 companies. Companies including Bayandulaan-Uul LLC of Selenge Aimag, “Tsetsiih Trade” LLC, “BSB Service” LLC, “Takhi Co” LLC, “Alkhana Trade” LLC, and I&R Mongolia, were authorized to use the label ‘Reliable tax payer".

In the awarding ceremony, Ts. Oyunbaatar, Chairman of the GTA said that companies and organizations paid Tgs 941 billion in taxes during 2009 in spite of the economic crisis.
He said that GTA managed to collect Tgs 372.7 billion in the first 4 months of 2010, or Tgs 72.7 billion greater than expected. The best tax payer Boroo Gold LLC (“BGC”) was founded in 1997 and carries out gold mining operations on the Boroo hard-rock gold deposit in Bayangol Soum of Selenge aimag. Boroo Gold paid Tgs 7 billion in 2004, Tgs 10 billion in 2005, Tgs 18 billion in 2006, Tgs 43 billion in 2007 and Tgs 41 billion in 2008. John Kazakoff, President of Boroo Gold, said that Mongolian taxation is reasonable except for the 68 percent windfall profit tax, the taxation environment is stable. He said, “BGC is not a company that only digs gold. Since its operation in Mongolia ,BGC introduced new technology, new approach, and new management in Mongolia. We are ready to start Gachuurt project for hard rock deposit of gold in 2010, making all necessary documents ready and submitting them. We are waiting for approval from the Mongolian government. If the government of Mongolia gives the company operational approval for the project, all relevant taxes including WPT of 68 percent will be applicable. The company will establish a bio-oxidation plant if the company is successful in obtaining an acceptable agreement for Gachuurt with the Government of Mongolia. It will require about USD100 million for equipment and machinery. The company is also waiting for a final operating permit for its heap leach facility. These advanced technologies are new in Mongolia. The Company is reasonably confident that the economic and development benefits resulting from its exploration and development activities will go to Mongolians by increasing the number of Mongolian workers, their salary, and chance of Mongolian companies to benefit. BGC closely cooperates with local authority, assisting to develop infrastructure and helping schools and hospitals. The company invests about USD 1 million to Bayangol and Mandal soums of Selenge Aimag each year. The company founded a Social Development foundation in Selenge Aimag and has successfully implemented about 150 projects with a total cost of Tgs 5 billion from 2004 to 2009. “ We are willing to operate in Mongolia for long term by contributing taxes to the economy, introducing new technology, and professionally upgrading Mongolian workers.” said Mr Jonh Kazakoff. From 2004-2009, BGC earned Tgs 1 billion,114,049.1 million in revenues from gold sales and paid Tgs 161,981.5 million to state and local budgets in tax. Given the amount, BGC has paid in taxes to the State Budget, Boroo is listed as the second highest taxpayer of the country in 2007 and, the third highest in 2008. General Taxation Authority chairman Ts. Oyunbaatar said that Mongolian taxation organization is successfully implementing a reform to re-organize the taxation organization from a state administration agency to a public service organization. He said, “To achieve this task, GTA is mplementing four programs. Some positive signs are seen. Tax payers are happy that the service of the taxation organization is improved and becoming fast,communicative and fair. Currently 60 to 70 percent of tax payers in Mongolia already submit their taxation report via e-taxation service. We intend to improve the quality of services by taxation organization to an internationally–accepted level by abolishing bureaucracy and proneness to corruption and introducing new, transparent, fast, responsible approaches.”
source: Mongol Messenger newspaper
Share:

0 comments:

Post a Comment

Facebook page

Powered by Blogger.

Categories

Advertising in Mongolia An Culture Editorial of the Mongolianviews education Environmental protection Famous Mongolians Foreigners in Mongolia Inner Mongolia Ivanhoe Mines Mongolia agriculture Mongolia analysis Mongolia and Australia Mongolia and Belorussia Mongolia and Cambodia Mongolia and Canada Mongolia and central Asia Mongolia and China Mongolia and Cuba Mongolia and EU Mongolia and Germany Mongolia and Hongkong Mongolia and Hungary Mongolia and India Mongolia and Inner Mongolia Mongolia and Iran Mongolia and Italy Mongolia and Japan Mongolia and Kazakhstan Mongolia and Korea Mongolia and Kuwait Mongolia and Malaysia Mongolia and Nato Mongolia and North Korean Mongolia and Poland Mongolia and Russia Mongolia and Singapore Mongolia and South Korea Mongolia and Taiwan Mongolia and the world Mongolia and Tibet Mongolia and Turkey Mongolia and UK Mongolia and Ukraine Mongolia and UN Mongolia and USA Mongolia and Vietnam Mongolia Banking Mongolia civic society Mongolia crime Mongolia diplomacy Mongolia Economy Mongolia Education Mongolia Energy Mongolia Finance Mongolia Health Mongolia History Mongolia holiday Mongolia in international media Mongolia Industries Mongolia Joke Mongolia law Mongolia LGBT Mongolia medical Mongolia military Mongolia Mining Mongolia Mining Developments Mongolia Mortgage Mongolia natural disaster Mongolia Petroleum Mongolia public announcements Mongolia railways Mongolia Religion Mongolia society Mongolia Sports Mongolia Stamp Mongolia telecommunication Mongolia tourism Mongolia Urbanization Mongolia Wild Life Mongolian Agriculture Mongolian Archeology Mongolian Food Mongolian Gay Mongolian Government news Mongolian History Mongolian Military Mongolian Mining Development Mongolian Movie Mongolian News Mongolian Parliament Mongolian Political news Mongolian Press Mongolian Songs Mongolian Women Mongolian Youth Mongolians abroad Moninfo Opinion Oyu Tolgoi Investment Agreement Photo news Press Release Rio Tinto Tavan Tolgoi coal mine Ulaanbaatar development Weird expatriates in Mongolia

Blog Archive

Followers

Live Traffic