International taxation regulations
In accordance with the "Guidelines for improving the legislation of Mongolia until 2020", approved by the State Great Khural (the Parliament) on January 12, 2017, the Parliament on March 22, 2019, passed a revised version of the package of laws on Taxation.
The public emergency readiness regime in Mongolia has been extended until 06:00 May 8, 2021 under a Governmental Decree No 104, dated April 23, 2021. In connection with this, the Governor of Capital City issued an Order No A/313, dated April 25, 2021 regulating the following issues.
The Rights and Obligations of the new Medicine and Medical Devices Regulatory Authority
Until December 2020, the Ministry of Health, the Centre for Health Development and the relevant departments of the General Agency of Specialized Inspection were responsible for the regulation with regards to import, export and distribution of medicines and medical devices under their respective functions.
Draft law on Protection of Personal Data
The Law of Mongolia on Personal Privacy which approved in 1995 has a general regulation that individuals protect their privacy and determine their confidentiality themselves, therefore it needed an urgent renewal in order to meet requirements of rapidly evolving technology.
Draft Labor code of Mongolia
In accordance with the “Basic direction of improving the legislation of Mongolia until 2020” approved by the Resolution No11 of the Parliament of Mongolia in November 2017, the revised draft of the current effective Labour code, which amended a total of 24 amendments and changes after approval in 1999, was submitted to the Parliament in March 2018.
Tremendous mineral reserves, agricultural endowments, and proximity to Asia’s vast markets make Mongolia an attractive destination for medium to long-term foreign direct investment (FDI). The Gross Domestic Product (GDP) in Mongolia is worth 16.20 billion US dollars in 2020.
Regulation for regulatory sandbox
The whole process of introduction of financial services based on technological innovation to the financial market is called Fintech. Upon the introduction of new products and services to the market with the help of Fintech, financial institutes become able to conduct a wider range of activities at a lower expense.
Franchise regulations in Mongolia
There are several ways to start a business, including finding and running a new business, buying an existing business, or buying a franchise, etc. Nowadays, buying a franchise is the most commonly used form. Under a franchise agreement, a franchisor undertakes to grant to the franchisee a license established in accordance with the procedure, for the use of its intangible assets such as the firm's name, trademarks or service marks, industrial design, packaging, as well as business management systems, planning, communications, and principal guidelines on the procurement of goods and services.
Legal Alert: Temporary procedure for determination of level of the Covid-19 pandemic
The Government of Mongolia has approved a “Temporary Procedure for Determination of the Level of COVID-19 Pandemic and Regulation of Activities of Government organizations, Individuals and Legal Entities” on 21 February 2021.
Legal Alert: Amendment to the law of Mongolia on banking
The State Great Khural (the Parliament) of Mongolia approved a draft of a law on amendment to the Law on Banking on its regular meeting on 28 January 2021. The law includes the following key changes.