Tax revenue to increase by 10.7 percent in 2018

2017-11-08 17:01 GMT+8

Seven tax increases and reforms were included in the proposed 2018 state budget now undergoing parliamentary review.

Tax revenue is expected to increase by 10.7 percent in 2018, reaching 607 billion MNT. Excise tax for alcohol and cigarettes, individual income tax, and social insurance fees are expected to increase in 2018.

Starting on January 1, 2018, a 10 to 25 percent tax withholding will be applied to individual taxable income.  The personal income tax rebate will also increase by degrees. There are 900,000 taxpayers currently registered in Mongolia.

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