LAW OF MONGOLIA

July 08, 2006                                                                                                                                                                      Government House, Ulaanbaatar

On Minerals

(Amended)

 Article 48. Submission of information and reports

48.10. A license holder shall report to the public the amount of its product sales for the year and the amount of taxes and payments paid to the State and local budget during the first (1st) quarter of the following year.

Article 66. Liabilities for breach of law

66.1.2. In the case of the untimely submission of statements set forth in Article 48 of this law or the submission of false information and statements, the official shall be fined of 10-20 times fold of minimum labor wage and for a business entity the fine shall be 30-50 times fold of minimum labor wage.

Law of Mongolia

July 01, 2014                                                                                                                                                                      Government House, Ulaanbaatar

On Petroleum

(the new edition)

Article 36. Issuing a financial statement

36.1. A contractor shall submit information on the amount of investment, incurred costs, paid royalties, the amount of extracted and sold petroleum, taxes paid into the State and local budgets, and the amount of the fees, bonuses, and service fees specified in Article 34 of this law to the respective state agencies and the Petroleum Authority by the first quarter of the succeeding year, and shall notify the public thereof through the mass media.

Article 44. Sanctions for violation

44.1.7.   for not submitting reports, information and plans within  a term specified in this law or the agreement, or presenting false reports, information or plans, a fine equal to 150-200 amounts of the minimum monthly salary shall be imposed;

Law of Mongolia

July 16, 2009                                                                                                                                                                      Government House, Ulaanbaatar

On Nuclear Energy

Article 28. Rights and liabilities of license holder

28.6.4. Fulfill liabilities specified in Articles 35.3-35.5, 36.1, 36.2, 39.1, 45.1, 45.2, 47.1, 47.5, 47.6 and 48.7-48.10 of the Minerals law.

Article 50. Responsibility to be assumed by violator of nuclear energy legislation

50.1.5. A Tugrug penalty equal to 5-8 times fold of minimum labor wage shall be imposed on the official and 8-10 times on the business entity if the liabilities specified in Article 28 of this Law have not been met, and the damages shall be compensated.

LAW OF MONGOLIA

On Widespread Minerals

Jan 09, 2014                                                                                                                                                                     Ulaanbaatar, Government House

Article 34. Submission of information and reports

“34.10. A license holder shall report to the public the amount of its product sales for the year and the amount of taxes and payments paid to the State and local budget during the first (1st) quarter of the following year.

Article 44. Liabilities for breach of law

… “44.1.2. In the case of the untimely submission of statements set forth in Article 34 of this law or the submission of false information and statements, the business entity shall be fined of 3-6 times fold of minimum labor wage.“