- Mongolia has implemented major tax reforms after consulting 13,000 stakeholders.
- VAT restrictions on business deductions are removed, and manufacturers can fully use e-receipts for raw material purchases.
- Businesses can defer VAT payments at customs for up to two months, and the reporting period is extended to two years.
- Individuals get 100% tax exemption on monthly income up to MNT 500,000.
- The VAT refund system is tiered, offering 100% refunds up to MNT 500,000 in purchases, 50% for the next MNT 500,000, and 20% for amounts above MNT 1 million.
Source: regfollower.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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