Mongolia needs to go green at “all volumes of government” to get itself taken out of a European Union blacklist of tax havens, its foreign minister said, following talks with European counterparts.
The landlocked nation located between China and Russia is truly one of 17 jurisdictions beyond your European Union that risk losing admission to EU funds or facing friends of censure, following on from the bloc this month deemed these people to not be cooperative on tax matters.
“We must implement numerous coordinated measures in anyway levels of government,” Foreign Minister Damdin Tsogtbaatar said in comments posted on Facebook , without mentioning specifics.
The foreign ministry confirmed the remarks on Wednesday (13 December), but declined to present details.
Tsogtbaatar said he or she discussed the case last week with officials associated with EU member nation in a ministerial meeting in Vienna within the Organisation for Security and Co-operation in Europe.
It is recommended that Mongolia meet international standards for tax, said Dendevsambuu Onchinsuren, the region managing partner for tax accountancy Deloitte Onch in Ulaanbaatar, money.
“Mongolia needs to cooperate together with the EU,” Onchinsuren said. “And yes it needs to improve its transparency.”
In 2011, Mongolia took the rare step of cancelling a tax treaty with all the Netherlands, saying it is going to cost america income in the Oyu Tolgoi mine, jointly belonging to mining giant Rio Tinto as well as Mongolian government.
Mongolia also cancelled tax treaties with Kuwait, Luxembourg as well as UAE.