Personal income tax amendments and other legislation passed

The American Chamber of Commerce in Mongolia

2018-02-05 17:52 GMT+8

Parliament approved personal income tax amendments during its February 2nd regular plenary session.

In April 2017, the tax was amended to be raised by 10 to 25 percent for people who earn more than 1.5 million MNT monthly, but received public backlash.

The Minister of Finance noted, “Cabinet decided that there is no need to implement the tax amendment because our economy has started seeing growth. The decision was made by the cabinet and the International Monetary Fund.”

On February 2, Parliament approved amendments to the law on pensions and Social Insurance Fund benefits, as well as the 2017 to 2020 general financing program with Asian Development Bank (ADB). ADB programs will be implemented through 2020 in areas such as finance, agriculture, education, health, employment, environmental protection, and social issues.

Four hundred-sixty eight million USD was allocated for financing through 2018, with spending mainly focused on diversifying the economy, improving the business environment, ensuring social welfare sustainability, and creating more jobs.

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