During Friday`s session meeting, parliament revised finally the Minerals law to make amendments and passed it with 53.3 percent approvals by MPs.

According to a revision of the Minerals law, the gold mining tax is reduced from 10 percent to 2.5 percent for gold mining companies that sell their mined gold to the Bank of Mongolia or its accredited commercial banks. According to ongoing law the gold royalty is 10 percent.

Due to such high gold mining tax illegal gold mining and smuggling of gold that mined in the territory of Mongolia is still high. Law makers believe that cutting the gold mining tax would reduce illegal gold mining and smuggling and to boost state control of gold trade.