Tax
Ten to twenty-five per cent corporate tax and a flat personal rate
Corporate income tax is 10 per cent on the first tranche of taxable income and 25 per cent above it. Personal income tax is broadly flat at 10 per cent, with higher bands for very high salary income.
Key rules
- Jurisdiction — Administered by the General Department of Taxation. Residence for individuals turns on 183 days in a tax year.
- Deadline — Annual corporate tax return by 10 February following the year end
- Deadline — Monthly VAT return and payment by the 10th of the following month
Governing law
- General Taxation Law2019
- Corporate Income Tax Law2019
- Personal Income Tax Law2019
- Value Added Tax Law
In practice
The 2019 reform package modernised administration, introduced advance rulings and codified transfer-pricing documentation. VAT is 10 per cent, with a zero rate for exports and a VAT-refund incentive for consumers who report receipts. Mining royalties are charged on a sliding scale linked to commodity prices and are the largest single revenue source, which makes fiscal terms in the sector politically volatile. Mongolia has a modest double-tax treaty network, having terminated several treaties considered unfavourable.