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In a ceremony recognising significant contributors to the local economy, Khanbogd Soum has awarded Monadelphous third prize for its tax contributions in 2023.
This award highlights the company’s commitment to supporting local development through tax payments.
As a change made on Mongolia’s Budget Law effective from 2022, types of tax revenues are classified for allocating to state and local budgets. In a strategic move starting January 2023, tax payments such as payroll tax were redirected from the Sukhbaatar District to Khanbogd Soum. This change has allowed the local community to benefit directly from the taxes generated by businesses operating in their territory.
The criteria for these awards were based on the total amount of taxes paid to the Khanbogd Soum budget. The Governor of Khanbogd selected ten companies as the best taxpayers, with Oyutolgoi company standing out for its tax contributions.
Local authorities have expressed their appreciation for the redirected payroll taxes, which go entirely to the Soum budget. These funds are crucial for local development projects and enhance the community's overall growth. Unlike taxes paid to the state budget, which are allocated according to government plans, local taxes directly support regional initiatives.
Looking to the future, tax contributions are expected to remain strong through the first half of 2024, although a decrease is anticipated in the latter half as current projects wind down. However, the potential for new projects from Oyutolgoi could sustain this positive trend.
The recognition of top taxpayers is an integral part of strategic planning for local development. It underscores the importance of adhering to tax and budget laws and serves as an exemplary model of corporate responsibility and community partnership.
This award not only celebrates the financial contributions of Oyutolgoi company but also underscores the positive impact of local tax allocations on the community’s growth and development.
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