Government offers tax breaks to small businesses
Prime Minister S.Batbold addressed a conference for small- and medium-sized businesses in the Government House on Wednesday.
He said the Government is implementing major policies for small- and medium-sized manufacturers, including increasing the maximum loan amount to MNT 500 million from MNT 50 million, increasing loan terms to five years from three, and reducing interest rates to seven percent from 12 percent.
Also, the customs tax and VAT exemption for small- and medium-sized manufacturers has been extended to December 31, 2012.
S.Batbold said the Government has also decided to reduce the income tax on agricultural product manufacturers by 50 percent. Conference delegates expressed their appreciation for the Government’s support.
He said the Government is implementing major policies for small- and medium-sized manufacturers, including increasing the maximum loan amount to MNT 500 million from MNT 50 million, increasing loan terms to five years from three, and reducing interest rates to seven percent from 12 percent.
Also, the customs tax and VAT exemption for small- and medium-sized manufacturers has been extended to December 31, 2012.
S.Batbold said the Government has also decided to reduce the income tax on agricultural product manufacturers by 50 percent. Conference delegates expressed their appreciation for the Government’s support.
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