Tax amendments being discussed by Cabinet

The American Chamber of Commerce in Mongolia

2018-03-05 15:52 GMT+8

Cabinet is discussing amendments that would make tax reporting easier for entities. The amendments stipulate that entities with an annual income of less than 50 million MNT would be required to prepare only one report per year and pay a tax of one percent of their annual income.

The amendments would also reduce the number of reports required from SMEs. Companies with an annual income of over three billion MNT would be required to issue tax reports four times a year, and those with less than three billion MNT in annual  income would be required to file reports twice per year. The amendments would be implemented in January 2019 if approved.

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