- Mongolia has submitted major VAT law reforms to Parliament aimed at modernizing tax administration and easing business compliance.
- VAT on foreign services received by Mongolian companies will be deductible, reducing cascading tax costs.
- Full and immediate deduction of input VAT on capital expenditure is proposed, improving cash flow for businesses.
- A simplified VAT regime will be available for businesses with turnover below MNT 400 million, easing calculation and documentation.
- Compliant taxpayers may defer monthly VAT payments, including import VAT, by one to two months to support liquidity and encourage compliance.
Source: vatcalc.com
Note that this post was (partially) written with the help of AI. It is always useful to review the original source material, and where needed to obtain (local) advice from a specialist.
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