Mongolian Requirements

Depending on the status of your entity, the following are the core aspects of the tax regime that you will need to consider:

  • corporate income tax (CIT)
  • personal income tax (PIT)
  • social & health insurance (SHI)
  • registration and administration of value added tax (VAT)
  • reverse charge VAT (RCVAT)
  • double tax treaties and withholding tax (WHT)
  • customs tax, royalties, dividend tax etc as applicable

The Social & Health Insurance authority regulates SHI while other taxes are overseen by the Mongolian Tax Authority (MTA).

How we can help

Used in combination with our accounting services, you can rely on us to maintain the compliance of your entity from a tax perspective. We do this by:

  • preparing tax returns in advance of the deadline for your review
  • submitting tax returns on your behalf, both in paper and online
  • uploading tax payments in good time through online banking
  • ensuring that your tax returns reconcile appropriately to your financial statements
  • managing tax inspections on your behalf
  • assisting you in budgeting, tax and scenario planning

Points to consider

The Mongolian Tax Authority (MTA) is mandated to formally inspect all Mongolian companies on a regular basis and it is this inspection that companies should gear themselves toward to avoid significant compliance and reputational problems.

  • guidelines indicate that a company will be inspected every two years and will give 10 days’ notice
  • companies should maintain books of account and support in the territory of Mongolia
  • accounting data is required in Mongolian and invoice and contract translations are often also requested
  • an inspection is mandatory for the validation of prior year tax losses and is also an important part of the wind up process