Economic transparency law helps minimize shadow economy

Ulaanbaatar /MONTSAME/ Prime Minister of Mongolia Ch.Saikhanbileg presented information to the State Great Khural (parliament) on the implementation of the Law on Promoting Economic Transparency, last Friday. The law was adopted in August 7 of 2015. As a result of its implementation, income of 6.1 trillion MNT has been uncovered and registered, some 4,200 entities and 1,200 citizens have submitted their financial reports to related authorities, he said. The Premier proposed extending the duration of the law’s effect in order to uncover more hidden incomes and properties, to establish more favorable legal environment for people to disclose their incomes, and to codify the results of the law implementation in a study.