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Personal income tax rates set at 10 percent and 25 percent in the draft law of 2016 state budget. If individual gets monthly salary of MNT2.5 million or less, individual will pay 10 percent of taxes.
If individual gets monthly salary higher than MNT 2.5 million, individual will pay 25 percent of taxes. Therefore, individual with MNT 4 million salary will pay 10 percent of taxes on MNT 2.5 million and 25 percent of taxes on remaining MNT 1.5 million.
If the Government approves the draft law, it will increase budget revenue by MNT 60.1 billion in 2017.
According to the statement made by National Statistics Committee, an average monthly wages paid per employee stand at MNT 871.4 thousand as of first quarter of 2016.
However, only 1.6 percent of total employment earn incomes of more than 2.5 million MNT.
Personal income tax rates set at 10 percent and 25 percent in the draft law of 2016 state budget. If individual gets monthly salary of MNT2.5 million or less, individual will pay 10 percent of taxes.
If individual gets monthly salary higher than MNT 2.5 million, individual will pay 25 percent of taxes. Therefore, individual with MNT 4 million salary will pay 10 percent of taxes on MNT 2.5 million and 25 percent of taxes on remaining MNT 1.5 million.
If the Government approves the draft law, it will increase budget revenue by MNT 60.1 billion in 2017.
According to the statement made by National Statistics Committee, an average monthly wages paid per employee stand at MNT 871.4 thousand as of first quarter of 2016.
However, only 1.6 percent of total employment earn incomes of more than 2.5 million MNT.