| EuroChamber Engages Ministry of Finance in High-Level Dialogue on Mongolia’s Tax Reform Priorities |
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The EuroChamber held a consultative meeting with the Ministry of Finance to discuss the forthcoming tax reform initiative. The Ministry emphasized that the reform will not target individual sectors but will instead focus on four key systemic priorities: - Addressing income disparity through legal measures to ensure greater equity
- Refining the personal income tax framework to reduce the burden on lower-income individuals while promoting transparency
- Enhancing the integrity of tax reporting systems and curbing the shadow economy
- Streamlining customs-related procedures and introducing corrective mechanisms for reporting errors.
In line with these objectives, the Ministry also expressed its intent to support compliant enterprises through a more flexible and facilitative regulatory approach. Notably, the establishment of an independent tax dispute resolution mechanism was proposed to replace reliance on prolonged court proceedings, thereby aligning Mongolia’s tax governance with international best practices. |
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| Mongolian Mining Corporation (MMC), the largest producer and exporter of washed hard coking coal in Mongolia, announced its annual results for the year ended December 31, 2024.
The company achieved a record revenue of USD 1,039.9 million, with sales totaling 8.6 million tonnes of coal products. MMC also reported a gross profit of approximately USD 411.7 million and a profit attributable to equity shareholders of about USD 242.0 million.
Additionally, the Bayan Khundii gold mine's processing plant construction was approximately 67% completed, with gold production expected to commence in the second half of 2025. |
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| From March 24 to March 28, 2025, Mongolia hosted its Digital Trade Week in Ulaanbaatar.
Co-organized by the Ministry of Foreign Affairs of Mongolia, the United Nations Economic and Social Commission for Asia and the Pacific (ESCAP), and the EU-ITDM project, the event aimed to promote Mongolia's digital trade integration. The week featured national consultation workshops and discussions to refine Mongolia's Digital Trade Integration Roadmap, with the goal of enhancing the country's position in the digital economy. |
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| Efforts will be intensified to safeguard the Social Insurance Fund’s assets and protect them from risks in cooperation with the Anti-Corruption Agency.
The Ministry of Labor and Social Protection is working on recovering the social insurance funds lost in Capital and Chinggis Khan banks. Following court decisions, these banks should settle a debt of 207.77 billion MNT and transfer it to the social insurance fund, of which approximately 47 billion MNT has been transferred so far.
To securely manage the Social Insurance Fund’s assets, enhance returns, and ensure responsible, transparent, and independent administration, as well as to improve the legal environment and align with international standards, it has been agreed to collaborate with the Anti-Corruption Agency, according to the Ministry of Labor and Social Protection. |
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| U.S. Tariffs and Global Market Reactions |
| President Trump's administration implemented sweeping tariffs of no less than 10% on global imports, with heightened rates targeting nations maintaining high trade barriers. This policy, known as "reciprocal tariffs," resulted in significant market volatility, triggering sharp declines in stock indices and the U.S. dollar.
In response, European leaders voiced strong criticism, raising concerns about the potential for broader economic instability, especially given the interconnected nature of global trade.
The move fueled tensions between the U.S. and its trading partners, with European nations seeking to counterbalance these measures through diplomatic and economic means. |
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| The European Union announced a postponement of the second set of retaliatory tariffs against the United States over U.S. steel and aluminum duties.
While the initial round of tariffs on U.S. goods will commence on April 15 as planned, the implementation of subsequent levies is now postponed until mid-May.
This adjustment aims to allow additional time for negotiations and ensure compliance with World Trade Organization regulations, impacting businesses engaged in transatlantic trade. |
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