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07 June 2019

Mongolia reforms its key tax legislation

Executive summary

The Mongolian Government has been engaging in an extensive tax reform discussion over the past months. Following this discussion, key tax laws including the General Law on Taxation, the Corporate Income Tax Law, the Value Added Tax (VAT) Law and Personal Income Tax Law have been substantially revised by the Mongolian Parliament (the legislative body), under the Government’s tax reform packages.

The new tax laws require the Cabinet, Ministry of Finance and Mongolian Tax Authority (MTA) to release a number of implementing guidelines. As these regulations will play an important role to set the tone of the taxing rules, taxpayers should monitor these developments in a timely manner.

The new tax rules are effective on 1 January 2020.

Several important changes that may have material impact on taxpayers, require taking appropriate action to comply with the new requirements.

This Alert summarizes some of the key changes. Separate Alerts will be issued to provide greater detail on a number of the changes.

Detailed discussion

New General Taxation Law – GTL

Please download the PDF file to see the table of key legislation changes.

New Corporate Income Tax Law – CIT

Please download the PDF file to see the table of key legislation changes.

Table 1

Please download the PDF file to see the table of key legislation changes.

New Corporate Income Tax Law – CIT (continued)

Please download the PDF file to see the table of key legislation changes.

New amendments to Value Added Tax Law – VAT

Please download the PDF file to see the table of key legislation changes.

New Personal Income Tax Law – PIT

Please download the PDF file to see the table of key legislation changes.

For additional information with respect to this Alert, please contact the following:

Ernst & Young Tax Services Limited, Hong Kong
  • Martin Richter, Partner | martin.richter@hk.ey.com
Ernst & Young TMZ LLC, Ulaanbaatar
  • Khishignemekh (Nicky) Regzedmaa, Director | khishignemekh.regzedmaa@mn.ey.com
  • Uyanga Mandal, Senior Manager | uyanga.mandal@mn.ey.com
  • Davaanyam Byambanyam, Senior Manager | davaanyam.byambanyam@mn.ey.com

ATTACHMENT

Document ID: 2019-5732

 
 

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