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99.99 percent of all tax-paying entities exempt from social insurance contribution www.montsame.mn
Ulaanbaatar /MONTSAME/. On April 17, Friday, the press office of the cabinet secretariat issued a press release on the government’s new regulations to implement the measures aimed at easing the economic impact of the COVID-19 pandemic, in which instituted a six-month exemption of monthly social insurance contributions paid by employees and employers, who retain their employees on payrolls despite revenue drops. It was reported that the decision applies to around 45,000 entities.
However, Minister of Finance Ch.Khurelbaatar gave an address on the decision to clarify some misunderstanding among business entities on the aforementioned exemption.
After mentioning that the government will pay the social insurance contributions due by employees and employers of private entities, nongovernment organizations, public and private universities and higher education institutions and by individuals, who pay social insurance contributions voluntarily, Minister Khurelbaatar clarified that almost all companies in Mongolia, including those experiencing even a slight decline or decrease of 1 MNT in their revenue, are free from paying social insurance contributions until October 1.
The monthly contributions that were already paid in April prior to the decision will be reimbursed, according to the minister.
“As of now, there are 108.800 tax-paying entities in Mongolia. And 99.99 percent of them are believed to be facing revenue loss and are exempt from the social insurance contributions for six months. The remaining 0.01 percent are gold companies, whose revenue are considered to be not affected by the COVID-19 global pandemic” added Mr. Khurelbaatar.
Published Date:2020-04-21
