AmCham Position Paper: Update on Tax Amendments
Mongolia has been engaging an extensive tax reform discussion over the past few months. As a consequence, key tax laws including General Law on Taxation, Corporate Income Tax Law, Personal Income Tax Law, and VAT Law have been substantially revised by Mongolian Parliament, under Government’s tax reform packages.
The new tax laws require the Cabinet, Ministry of Finance and Mongolian Tax Authority to release a number of implementing guidelines in the coming months. As these regulations largely play an important role to set the tone of the taxing rules, we encourage you to monitor these developments in a timely manner.
The new tax rules shall take effect on 1 January 2020.
A number of important changes that may have a big impact on taxpayers, requires taking appropriate actions to comply with the new requirements.
This Position Paper highlights key changes in this alert. If you have any questions in regards to tax reforms summarized in this Position Paper, feel free to contact any of the persons at AmCham Mongolia.