Parliament to discuss budget production
Irregular session of the State Great Khural discussed the 2016 supplementary budget and next years budget projection.
Irregular session of the State Great Khural discussed the 2016 supplementary budget and next years budget projection. Majority of MPs supported the proposal to increase some kinds of tax rates. However, MPs refused to impose 12.6 percent of social insurance contributions on both employee and employer. Current rate for social insurance contributions stands at 10 percent. MP’s noted increase in social insurance contributions will bring heavy burden to entities with more than 300 employees. Entities will not be able to offer pay rises in further. Instead, revenues by increasing the number of entities paying social insurance shoule be raised. Noted MP’s. The Government recalled the draft law on increasing social insurance contributions after 5-hours of discussion.
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