CAPITAL CITY

At Wednesday’s regular meeting, the cabinet considered and backed the draft new version of the Law on Legal Status of the Capital City. The initiative of revising the law  on legal status of the capital which was adopted in 1994, has been moved by the fact that the legal act is outdated for ceasing to meet new problems and challenges  the capital city is confronted with with its expansion and development.

The city accommodates 46 percent of the total population of the country as permanent residents and 68 percent of registered entities, and produces 64.5 percent of GDP.

According to the concept of draft new version of the law, many changes associated with the environmental issues, society, economy, tax policies, suburban residences, rights and responsibilities of the entities have been provided for. It sets out implementation of economic leverages bearing a character of profound reforms aiming at building independence potentials in financial terms for the capital city and promotion of  promptness of public services in order to facilitate the city with more favorable business and investment environments.

Source:http://en.montsame.mn/politics/capital-city’s-legal-status-be-reconsidered