Mongolia’s fast-emerging mining sector is the focus of an executive training program to be hosted by Griffith Business School.
High-level delegates from the resource-rich country will be aiming to build knowledge of systems of taxation in the mining sector as Mongolia looks to reap the economic rewards of its own boom.
The intensive two-week course in Brisbane starts on June 8 and academic and industry experts from Griffith’s Department of International Business and Asian Studies, the Queensland Treasury and leading consultant firms Ernst and Young and Pricewaterhouse Coopers will present and advise.
The Department of Foreign Affairs and Trade has funded this professional development short-course through the Australia Awards Fellowships.
Australia Awards Fellowships aim to build capacity and strengthen partnerships between Australian organisations and partner organisations in eligible developing countries in support of key development and foreign affairs priorities.
The initiative comes in the wake of a Federal Budget announcement in May that Australia will fund a new diplomatic mission in Mongolia.
“Australia’s experience in how systems are implemented in the resource industry at state and national level is a valuable knowledge base that can be put to productive effect in Mongolia.
“Mongolia is at a very important stage of its economic growth. They’ve been through the exploration stage and the investment stage, and now they are looking to the production stage.”
“By learning more about raising revenue through robust systems of taxation, the delegates taking part in the Griffith program will be well positioned to support the development of Mongolia and its economy.”
A deadlock between the Mongolian government and mining giant Rio Tinto has recently brought into focus the importance of robust policies and systems of taxation to Mongolia’s resources sector, particularly with a view to attracting foreign investment.
“The program demonstrates Griffith University’s leadership in this area and we are confident this collaboration will lead to sustained economic growth in Mongolia,” Dr Sarker said.
Griffith’s International Business Development Unit will deliver its project management services.
“This executive training program is very appropriate given the recent rapid growth in the mining sector in Mongolia and will serve to build critical capacity in an important area for both private sector taxation consultants and government tax authorities,” Pro Vice Chancellor (Business), Professor Michael Powell (below) said.
“It’s a critical area for the Mongolian Government to get right so that the people of Mongolia benefit from the mining boom currently in Mongolia and ensuring the mining companies have certainty in terms of taxation going forward,” Professor Powell added.
Professor Heidi Dahles, Head of the Department of International Business and Asian Studies, described the program as a most timely initiative. “It confirms the commitment of Griffith Business School to maintaining strong linkages with Asia and its industries,” Professor Dahles said.
The Griffith program is titled ‘Economic growth, human resource development through increasing expertise in mining taxation’ and includes a visit to the Queensland Treasury to learn more about mining revenue collection and management.
Participants will also hear presentations from representatives of Adam Smith International, a global leader in economic growth and international government reform, and the Centre for Social Responsibility in Mining at University of Queensland.
The program will also incorporate a day trip to JKTech, one of Australia’s premier mining technology research centres.
Participants for the program are drawn from members of the Mongolian Association of Certified Tax Consultants (MACTC), which includes state-owned mining companies, the country’s taxation department, lecturers, and private sector accounting and consulting companies, including Pricewaterhouse Coopers in Mongolia.
MACTC is responsible for enforcement of an ethics charter for certified tax consultants, submission of proposals on improving tax legislation for consideration of the authorities, and issuance of guidelines to accredited tax legal entities. It also participates in meetings with the Ministry of Finance and the General Department of Taxation.
Australia Awards Fellowships give Australian organisations the opportunity to deepen links with leaders and professionals in developing countries.
This Fellowship follows two previous training programs in mining taxation conducted by Griffith University in 2012 and 2011, which were funded by the World Bank.