Na­tional lot­tery boosts VAT rev­enue by 25%

The UB Post - - Business & Economics -

Rev­enue gen­er­ated by VAT has risen 25 per­cent over the last two years, a new study re­vealed.

Ex­perts em­pha­sized that the VAT lot­tery con­trib­uted sig­nif­i­cantly to this in­crease and that the sys­tem has also helped re­duce the “shadow” econ­omy, and dra­mat­i­cally im­prove the tax reg­is­tra­tion and in­spec­tion sys­tem.

By Au­gust this year, the VAT per­for­mance had nearly reached the year’s full per­for­mance.

Rev­enue from VAT of do­mes­ti­cally pro­duced prod­ucts is pre­dicted to hit 1.04 tril­lion MNT, ex­ceed­ing this year’s ex­pec­ta­tions by al­most 70 per­cent in 2019.

Au­thor­i­ties pre­dicts it can fur­ther boost VAT rev­enue by im­prov­ing the on­line tax reg­is­tra­tion ser­vice. They’re plan­ning to con­nect the on­line re­ceipt reg­is­tra­tion sys­tem with state agen­cies, fa­cil­i­tate ser­vices, de­velop sim­pli­fied re­port for tax­pay­ers, and de­velop a new sys­tem to de­velop stan­dard en­cod­ing for im­port and ex­port prod­ucts.

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